https://www.taxtmi.com/caselaws?id=265677 The court ruled in favor of the Assessee, setting aside the ITAT's decision to uphold the reopening of assessment under Section 147 of the Income Tax Act, 1961. Emphasizing the need for tangible material and the prohibition against reopening assessments based solely on a change of opinion, the court highlighted the importance of disclosing material facts and requiring a valid reason to believe income escapement for such actions. The judgment underscored the significance of adhering to legal precedents and the amended provisions of Section 147 in justifying the reopening of assessments. en-us Fri, 09 Oct 2015 00:00:00 +0530 Wed, 04 May 2016 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265677 The court ruled in favor of the Assessee, setting aside the ITAT's decision to uphold the reopening of assessment under Section 147 of the Income Tax Act, 1961. Emphasizing the need for tangible material and the prohibition against reopening assessments based solely on a change of opinion, the court highlighted the importance of disclosing material facts and requiring a valid reason to believe income escapement for such actions. The judgment underscored the significance of adhering to legal precedents and the amended provisions of Section 147 in justifying the reopening of assessments. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265677