https://www.taxtmi.com/caselaws?id=179141 The Income Tax Appellate Tribunal quashed the re-assessment order initiated under Section 147 of the Income Tax Act, holding it as a mere change of opinion without new material post-original assessment. The Tribunal emphasized the necessity of tangible material for re-assessment and ruled that the absence of new material or change in law indicated a mere change of opinion, lacking jurisdictional foundation for re-assessment. The decision reaffirmed the importance of substantive grounds for re-assessment and dismissed the appeal for lack of merit, highlighting the need for new information to support re-assessment proceedings. en-us Mon, 21 Mar 2011 00:00:00 +0530 Tue, 25 Apr 2023 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179141 The Income Tax Appellate Tribunal quashed the re-assessment order initiated under Section 147 of the Income Tax Act, holding it as a mere change of opinion without new material post-original assessment. The Tribunal emphasized the necessity of tangible material for re-assessment and ruled that the absence of new material or change in law indicated a mere change of opinion, lacking jurisdictional foundation for re-assessment. The decision reaffirmed the importance of substantive grounds for re-assessment and dismissed the appeal for lack of merit, highlighting the need for new information to support re-assessment proceedings. Case-Laws Income Tax Mon, 21 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179141