https://www.taxtmi.com/caselaws?id=268984 The Appellate Tribunal ITAT Kolkata allowed the assessee's appeal in a case involving the reopening of assessment based on an audit objection under section 147 of the Income Tax Act, 1961. The Tribunal held that the reopening was unjustified as it was a change of opinion without fresh tangible material. Additionally, the Tribunal found that treating an advance received as income under section 41(1) was not valid due to the absence of trading liability or cessation of liability. The appeal was allowed in favor of the assessee on all grounds, emphasizing adherence to tax laws and procedures. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sat, 05 Dec 2015 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268984 The Appellate Tribunal ITAT Kolkata allowed the assessee's appeal in a case involving the reopening of assessment based on an audit objection under section 147 of the Income Tax Act, 1961. The Tribunal held that the reopening was unjustified as it was a change of opinion without fresh tangible material. Additionally, the Tribunal found that treating an advance received as income under section 41(1) was not valid due to the absence of trading liability or cessation of liability. The appeal was allowed in favor of the assessee on all grounds, emphasizing adherence to tax laws and procedures. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268984