https://www.taxtmi.com/caselaws?id=252954 The High Court of Bombay dismissed the Revenue's Appeals challenging the order of the Income Tax Appellate Tribunal for the assessment years 1999-2000 and 2000-2001. The Court held that the Tribunal's decision to reopen the assessment was not based on a mere change of opinion but on valid reasons. It emphasized that the Assessing Officer cannot reopen assessments solely on a change of opinion and must have substantiated reasons. The Court found the Tribunal's decision aligned with legal principles and factual analysis, concluding that the Revenue's Appeals lacked merit and did not warrant interference in appellate jurisdiction. en-us Wed, 29 Oct 2014 00:00:00 +0530 Sat, 08 Nov 2014 06:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252954 The High Court of Bombay dismissed the Revenue's Appeals challenging the order of the Income Tax Appellate Tribunal for the assessment years 1999-2000 and 2000-2001. The Court held that the Tribunal's decision to reopen the assessment was not based on a mere change of opinion but on valid reasons. It emphasized that the Assessing Officer cannot reopen assessments solely on a change of opinion and must have substantiated reasons. The Court found the Tribunal's decision aligned with legal principles and factual analysis, concluding that the Revenue's Appeals lacked merit and did not warrant interference in appellate jurisdiction. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252954