https://www.taxtmi.com/caselaws?id=251259 The court ruled in favor of the petitioner, finding that the reassessment proceedings under Sections 147/148 of the Income Tax Act for the assessment year 2006-2007 were without jurisdiction or an abuse of powers. The court quashed the proceedings and the order rejecting the petitioner's objection regarding the treatment of a subsidy as a revenue receipt, emphasizing the importance of factual analysis in determining the nature of subsidies and criticizing the department for misapplying legal principles. The judgment highlighted the strictness of laws governing the reopening of assessments and the need for more than a mere change of opinion to justify such actions. en-us Fri, 29 Aug 2014 00:00:00 +0530 Tue, 12 May 2015 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251259 The court ruled in favor of the petitioner, finding that the reassessment proceedings under Sections 147/148 of the Income Tax Act for the assessment year 2006-2007 were without jurisdiction or an abuse of powers. The court quashed the proceedings and the order rejecting the petitioner's objection regarding the treatment of a subsidy as a revenue receipt, emphasizing the importance of factual analysis in determining the nature of subsidies and criticizing the department for misapplying legal principles. The judgment highlighted the strictness of laws governing the reopening of assessments and the need for more than a mere change of opinion to justify such actions. Case-Laws Income Tax Fri, 29 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251259