https://www.taxtmi.com/caselaws?id=181446 The Tribunal deemed the re-opening of assessment under section 147 invalid as there was no fresh tangible material, making it a mere change of opinion. The original assessment was based on the Balance Sheet, and the re-opening was solely due to a difference in cash balance shown in the original and revised returns. Consequently, the assessment order was quashed. Additionally, the addition of unexplained cash credit under section 68 became redundant as the re-opening was invalidated, leading to the Tribunal allowing the appeal. The case underscored the necessity of tangible material for validly re-opening assessments under section 147. en-us Wed, 30 Sep 2015 00:00:00 +0530 Mon, 18 Apr 2016 08:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181446 The Tribunal deemed the re-opening of assessment under section 147 invalid as there was no fresh tangible material, making it a mere change of opinion. The original assessment was based on the Balance Sheet, and the re-opening was solely due to a difference in cash balance shown in the original and revised returns. Consequently, the assessment order was quashed. Additionally, the addition of unexplained cash credit under section 68 became redundant as the re-opening was invalidated, leading to the Tribunal allowing the appeal. The case underscored the necessity of tangible material for validly re-opening assessments under section 147. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181446