https://www.taxtmi.com/caselaws?id=327426 The Tribunal ruled in favor of the assessee, quashing the reassessment under section 147. It found the additions of income lacked legal basis, emphasizing the necessity of tangible material for reassessment. The Tribunal deemed the notice under section 148 invalid due to lack of substantive grounds and proper approval. It highlighted that a mere change of opinion without fresh material is impermissible, emphasizing the importance of disclosing all relevant facts during assessments. Additionally, the Tribunal criticized the excessive additions and incorrect observations made by the lower authorities, ensuring a fair outcome for the assessee. en-us Wed, 30 Mar 2016 00:00:00 +0530 Fri, 24 Jun 2016 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327426 The Tribunal ruled in favor of the assessee, quashing the reassessment under section 147. It found the additions of income lacked legal basis, emphasizing the necessity of tangible material for reassessment. The Tribunal deemed the notice under section 148 invalid due to lack of substantive grounds and proper approval. It highlighted that a mere change of opinion without fresh material is impermissible, emphasizing the importance of disclosing all relevant facts during assessments. Additionally, the Tribunal criticized the excessive additions and incorrect observations made by the lower authorities, ensuring a fair outcome for the assessee. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327426