https://www.taxtmi.com/caselaws?id=325647 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's decision to reopen assessment proceedings. The Court found that the Assessing Officer's reliance on the audit party's opinion without forming an independent judgment constituted a mere change of opinion, lacking new grounds for reassessment. As a result, the Court upheld the CIT(A)'s annulment of the reassessment, concluding that no escaped income chargeable to tax was evident. Therefore, the appeal was dismissed as no substantial question of law was found for consideration. en-us Tue, 15 Mar 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:36:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325647 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's decision to reopen assessment proceedings. The Court found that the Assessing Officer's reliance on the audit party's opinion without forming an independent judgment constituted a mere change of opinion, lacking new grounds for reassessment. As a result, the Court upheld the CIT(A)'s annulment of the reassessment, concluding that no escaped income chargeable to tax was evident. Therefore, the appeal was dismissed as no substantial question of law was found for consideration. Case-Laws Income Tax Tue, 15 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325647