https://www.taxtmi.com/caselaws?id=272206 The Appellate Tribunal dismissed the revenue's appeal and allowed the assessee's cross objection, upholding the decision to quash the reopening proceedings under Section 147/148 of the Income Tax Act. The Tribunal emphasized the necessity of tangible material for reassessment and the prohibition against reopening based solely on a change of opinion. It reaffirmed the importance of thorough consideration during the initial assessment and the limitations on reassessment without new material, citing legal precedents to support its decision. en-us Fri, 22 Jan 2016 00:00:00 +0530 Tue, 01 Mar 2016 11:41:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272206 The Appellate Tribunal dismissed the revenue's appeal and allowed the assessee's cross objection, upholding the decision to quash the reopening proceedings under Section 147/148 of the Income Tax Act. The Tribunal emphasized the necessity of tangible material for reassessment and the prohibition against reopening based solely on a change of opinion. It reaffirmed the importance of thorough consideration during the initial assessment and the limitations on reassessment without new material, citing legal precedents to support its decision. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272206