https://www.taxtmi.com/caselaws?id=260922 The Tribunal affirmed the decision that the reopening of the assessment under section 147 of the Income Tax Act was incorrect and invalid. The Assessing Officer lacked fresh material to support the belief of income escapement, rendering it impermissible as a mere change of opinion. Consequently, the Tribunal dismissed the Revenue's appeals, emphasizing the necessity of substantial grounds for reassessment under the Income Tax Act to prevent arbitrary actions. en-us Tue, 17 Feb 2015 00:00:00 +0530 Mon, 08 Jun 2015 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260922 The Tribunal affirmed the decision that the reopening of the assessment under section 147 of the Income Tax Act was incorrect and invalid. The Assessing Officer lacked fresh material to support the belief of income escapement, rendering it impermissible as a mere change of opinion. Consequently, the Tribunal dismissed the Revenue's appeals, emphasizing the necessity of substantial grounds for reassessment under the Income Tax Act to prevent arbitrary actions. Case-Laws Income Tax Tue, 17 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260922