https://www.taxtmi.com/caselaws?id=259780 The court allowed the writ petition, quashing the notice issued by the Assessing Officer under Section 148 of the Income Tax Act for the assessment year in question. The court held that the initiation of reassessment proceedings based on a purported change of opinion was impermissible as the transaction had been examined during the original assessment proceedings, and no addition was made, indicating that it was not considered taxable. The court also found that no new material had surfaced to warrant the reassessment. Consequently, all proceedings following the notice were quashed. en-us Tue, 19 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259780 The court allowed the writ petition, quashing the notice issued by the Assessing Officer under Section 148 of the Income Tax Act for the assessment year in question. The court held that the initiation of reassessment proceedings based on a purported change of opinion was impermissible as the transaction had been examined during the original assessment proceedings, and no addition was made, indicating that it was not considered taxable. The court also found that no new material had surfaced to warrant the reassessment. Consequently, all proceedings following the notice were quashed. Case-Laws Income Tax Tue, 19 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259780