https://www.taxtmi.com/caselaws?id=252863 The High Court upheld the Tribunal's decision regarding the categorization of income derived from letting out assets, affirming it as 'profits and gains of the business.' The Court rejected the reopening of assessments for the years 1997-98 and 1998-99, stating that a mere change of opinion is not a valid reason for reassessment. Additionally, the Court concluded that the amalgamation of companies should not impact the assessment of income from letting out assets. The Court dismissed the appeals, ruling in favor of the assessee and against the revenue department. en-us Fri, 04 Jul 2014 00:00:00 +0530 Mon, 09 Feb 2015 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252863 The High Court upheld the Tribunal's decision regarding the categorization of income derived from letting out assets, affirming it as 'profits and gains of the business.' The Court rejected the reopening of assessments for the years 1997-98 and 1998-99, stating that a mere change of opinion is not a valid reason for reassessment. Additionally, the Court concluded that the amalgamation of companies should not impact the assessment of income from letting out assets. The Court dismissed the appeals, ruling in favor of the assessee and against the revenue department. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252863