https://www.taxtmi.com/caselaws?id=1650 The Tribunal held that the re-opening of assessment for the Assessment Year 1996-97 under Section 147 was not justified as it was solely based on a change of opinion without new material. The additions made by the Assessing Officer were deemed unjustified by both the Commissioner of Income Tax (Appeal) and the Tribunal. The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision that the re-opening lacked merit and the additions were unsupported by valid grounds. The judgment emphasized the necessity of valid reasons and new material for re-opening assessments under the Income Tax Act. en-us Wed, 18 Apr 2007 00:00:00 +0530 Thu, 11 Jul 2013 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1650 The Tribunal held that the re-opening of assessment for the Assessment Year 1996-97 under Section 147 was not justified as it was solely based on a change of opinion without new material. The additions made by the Assessing Officer were deemed unjustified by both the Commissioner of Income Tax (Appeal) and the Tribunal. The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision that the re-opening lacked merit and the additions were unsupported by valid grounds. The judgment emphasized the necessity of valid reasons and new material for re-opening assessments under the Income Tax Act. Case-Laws Income Tax Wed, 18 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1650