https://www.taxtmi.com/caselaws?id=332182 The Tribunal ruled that the assessee port trust should be assessed as a 'local authority' and not as a 'company'. It found that the definition of 'local authority' under section 10(20) of the Income Tax Act was not determinative for taxation purposes. The reassessment proceedings under section 147 were deemed invalid as they were based on a mere change of opinion without new material. The Tribunal allowed the assessee's appeals, dismissing the revenue's appeals, and declared the reassessment orders void ab initio for the assessment years 2003-04, 2004-05, and 2005-06. en-us Fri, 08 Jul 2016 00:00:00 +0530 Mon, 12 Sep 2016 19:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332182 The Tribunal ruled that the assessee port trust should be assessed as a 'local authority' and not as a 'company'. It found that the definition of 'local authority' under section 10(20) of the Income Tax Act was not determinative for taxation purposes. The reassessment proceedings under section 147 were deemed invalid as they were based on a mere change of opinion without new material. The Tribunal allowed the assessee's appeals, dismissing the revenue's appeals, and declared the reassessment orders void ab initio for the assessment years 2003-04, 2004-05, and 2005-06. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332182