https://www.taxtmi.com/caselaws?id=253576 The court ruled in favor of the petitioner, holding that the notice issued under Section 148 of the Income Tax Act, seeking to reopen the assessment for Assessment Year 2000-01 based on dividend income exemption, was invalid. The court emphasized the necessity of full and true disclosure of material facts for jurisdiction to reopen an assessment beyond the prescribed period. It found discrepancies in the reasons provided for reopening the assessment and highlighted that a mere change of opinion does not justify reassessment. The judgment underscored the importance of the assessee's disclosure to establish the Assessing Officer's jurisdiction. en-us Wed, 12 Nov 2014 00:00:00 +0530 Fri, 28 Nov 2014 10:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253576 The court ruled in favor of the petitioner, holding that the notice issued under Section 148 of the Income Tax Act, seeking to reopen the assessment for Assessment Year 2000-01 based on dividend income exemption, was invalid. The court emphasized the necessity of full and true disclosure of material facts for jurisdiction to reopen an assessment beyond the prescribed period. It found discrepancies in the reasons provided for reopening the assessment and highlighted that a mere change of opinion does not justify reassessment. The judgment underscored the importance of the assessee's disclosure to establish the Assessing Officer's jurisdiction. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253576