https://www.taxtmi.com/caselaws?id=268840 The High Court of Bombay dismissed the Revenue's appeal, upholding the Income Tax Appellate Tribunal's decision to set aside the reopening notice and subsequent reassessment for the Assessment Year 2006-07. The Tribunal's ruling emphasized the necessity of fresh tangible material for reassessment and rejected the notion of reassessment based solely on a change of opinion without new evidence. This case underscores the significance of adhering to legal principles in reassessment proceedings and highlights the requirement for solid grounds beyond a mere change of opinion. en-us Wed, 18 Nov 2015 00:00:00 +0530 Wed, 02 Dec 2015 22:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268840 The High Court of Bombay dismissed the Revenue's appeal, upholding the Income Tax Appellate Tribunal's decision to set aside the reopening notice and subsequent reassessment for the Assessment Year 2006-07. The Tribunal's ruling emphasized the necessity of fresh tangible material for reassessment and rejected the notion of reassessment based solely on a change of opinion without new evidence. This case underscores the significance of adhering to legal principles in reassessment proceedings and highlights the requirement for solid grounds beyond a mere change of opinion. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268840