https://www.taxtmi.com/caselaws?id=327823 The HC held that reopening the assessment was valid as the AO formed a reason to believe based on tangible material, namely the wrongful claim of loss from the firm impermissible under Section 10(2A). The AO's opinion was not a mere change of mind but arose from comparing profit and loss accounts before and after the Assessee took over the firm. The Court declined to quash the reopening and allowed the AO to proceed with finalizing the assessment within eight weeks, after granting the Assessee an opportunity to be heard. Other objections to reopening remain open for consideration before the AO. en-us Wed, 18 May 2016 00:00:00 +0530 Thu, 24 Jul 2025 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327823 The HC held that reopening the assessment was valid as the AO formed a reason to believe based on tangible material, namely the wrongful claim of loss from the firm impermissible under Section 10(2A). The AO's opinion was not a mere change of mind but arose from comparing profit and loss accounts before and after the Assessee took over the firm. The Court declined to quash the reopening and allowed the AO to proceed with finalizing the assessment within eight weeks, after granting the Assessee an opportunity to be heard. Other objections to reopening remain open for consideration before the AO. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327823