https://www.taxtmi.com/caselaws?id=180280 The Tribunal upheld the validity of the reassessment proceedings under sections 147 and 148 of the Act, finding that reasons were adequately provided to the assessee. It rejected the argument that reassessment was based on a change of opinion, citing the absence of an initial assessment under section 143(3). The Tribunal determined the timing of income accrual based on a Government Resolution and specific actions by the MSEB. Additionally, it acknowledged and directed a rehearing on an alternative submission regarding the cessation of liability under section 41(1) of the Act. en-us Tue, 27 Nov 2012 00:00:00 +0530 Sat, 19 Mar 2016 14:51:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180280 The Tribunal upheld the validity of the reassessment proceedings under sections 147 and 148 of the Act, finding that reasons were adequately provided to the assessee. It rejected the argument that reassessment was based on a change of opinion, citing the absence of an initial assessment under section 143(3). The Tribunal determined the timing of income accrual based on a Government Resolution and specific actions by the MSEB. Additionally, it acknowledged and directed a rehearing on an alternative submission regarding the cessation of liability under section 41(1) of the Act. Case-Laws Income Tax Tue, 27 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180280