https://www.taxtmi.com/caselaws?id=256491 The reassessment proceedings initiated under section 147/148 were deemed invalid as the assessee had fully disclosed necessary material facts, rendering the reopening unsustainable. The AO's disallowance of deductions for provisions of bad debts and doubtful debts was overturned by the Tribunal, citing that the reassessment was based on a mere change of opinion, which is impermissible under the law. Consequently, the reassessment was declared invalid, and the Revenue's appeal on the merits of the case was not adjudicated, while the Cross Objection of the assessee was allowed. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sun, 15 Feb 2015 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256491 The reassessment proceedings initiated under section 147/148 were deemed invalid as the assessee had fully disclosed necessary material facts, rendering the reopening unsustainable. The AO's disallowance of deductions for provisions of bad debts and doubtful debts was overturned by the Tribunal, citing that the reassessment was based on a mere change of opinion, which is impermissible under the law. Consequently, the reassessment was declared invalid, and the Revenue's appeal on the merits of the case was not adjudicated, while the Cross Objection of the assessee was allowed. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256491