https://www.taxtmi.com/caselaws?id=264089 The appeal was allowed, setting aside the reassessment order and subsequent orders. The court held that the Income Tax Appellate Tribunal erred in upholding the addition of income from the sale of investments as the reasons for reopening the assessment were found to be factually incorrect. It was deemed that the reassessment proceedings were without jurisdiction under Section 147 of the Act, as the AO's assumptions lacked tangible material. The court emphasized that reopening assessments based on a change of opinion is impermissible, concluding that the AO did not have jurisdiction to tax the profits from the sale of investments. en-us Tue, 15 Sep 2015 00:00:00 +0530 Wed, 04 May 2016 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264089 The appeal was allowed, setting aside the reassessment order and subsequent orders. The court held that the Income Tax Appellate Tribunal erred in upholding the addition of income from the sale of investments as the reasons for reopening the assessment were found to be factually incorrect. It was deemed that the reassessment proceedings were without jurisdiction under Section 147 of the Act, as the AO's assumptions lacked tangible material. The court emphasized that reopening assessments based on a change of opinion is impermissible, concluding that the AO did not have jurisdiction to tax the profits from the sale of investments. Case-Laws Income Tax Tue, 15 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264089