https://www.taxtmi.com/caselaws?id=271200 The court upheld the Assessing Officer's decision to reopen the assessments for a company under the Income Tax Act. The court found the reasons for reopening, related to the valuation of shares and potential income escaping assessment, to be valid. It clarified that reopening assessments accepted without scrutiny does not constitute a change of opinion. The court emphasized that issues such as share valuation and business commencement should be addressed during the reassessment process. The petitions challenging the reopening were dismissed, affirming the legitimacy of the Assessing Officer's actions based on available material. en-us Tue, 05 Jan 2016 00:00:00 +0530 Mon, 02 May 2016 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271200 The court upheld the Assessing Officer's decision to reopen the assessments for a company under the Income Tax Act. The court found the reasons for reopening, related to the valuation of shares and potential income escaping assessment, to be valid. It clarified that reopening assessments accepted without scrutiny does not constitute a change of opinion. The court emphasized that issues such as share valuation and business commencement should be addressed during the reassessment process. The petitions challenging the reopening were dismissed, affirming the legitimacy of the Assessing Officer's actions based on available material. Case-Laws Income Tax Tue, 05 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271200