https://www.taxtmi.com/caselaws?id=263399 The tribunal found that the reassessment proceedings initiated under Section 147 of the Income Tax Act lacked jurisdiction as they were based on a mere change of opinion without new material. Citing legal precedent, the tribunal held that the original assessment order merged with the CIT(A)'s order and could not be reopened. Consequently, the reassessment order for the Assessment Year 2000-01 was quashed. The tribunal also addressed the merits of the reassessment grounds but ultimately allowed the assessee's appeal and rendered the Revenue's appeal infructuous for both the Assessment Years 2000-01 and 2001-02. en-us Fri, 21 Aug 2015 00:00:00 +0530 Wed, 02 Sep 2015 07:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263399 The tribunal found that the reassessment proceedings initiated under Section 147 of the Income Tax Act lacked jurisdiction as they were based on a mere change of opinion without new material. Citing legal precedent, the tribunal held that the original assessment order merged with the CIT(A)'s order and could not be reopened. Consequently, the reassessment order for the Assessment Year 2000-01 was quashed. The tribunal also addressed the merits of the reassessment grounds but ultimately allowed the assessee's appeal and rendered the Revenue's appeal infructuous for both the Assessment Years 2000-01 and 2001-02. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263399