https://www.taxtmi.com/caselaws?id=266607 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the re-assessment proceedings under section 147 and allowing the long term capital loss claimed by the assessee. The Commissioner emphasized that the Assessing Officer lacked fresh evidence to justify re-assessment, citing legal precedents that a mere change of opinion is insufficient for reopening assessments. The Tribunal affirmed that the re-assessment was invalid due to the absence of new material, supporting the Commissioner's decision. en-us Wed, 12 Aug 2015 00:00:00 +0530 Thu, 22 Oct 2015 15:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266607 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the re-assessment proceedings under section 147 and allowing the long term capital loss claimed by the assessee. The Commissioner emphasized that the Assessing Officer lacked fresh evidence to justify re-assessment, citing legal precedents that a mere change of opinion is insufficient for reopening assessments. The Tribunal affirmed that the re-assessment was invalid due to the absence of new material, supporting the Commissioner's decision. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266607