https://www.taxtmi.com/caselaws?id=336026 The High Court held that the reopening of assessment for Assessment Year 2007-08 was unjustified as it amounted to a change of opinion by the Assessing Officer. The Court found that the Assessing Officer lacked valid reasons to believe income had escaped assessment, especially considering the transaction had been previously examined and accepted. The denial of benefits under Section 54EC of the Income Tax Act, 1961 was also deemed unjustified. Consequently, the appeal was dismissed, and the Revenue's grievance regarding the merits of the Tribunal's order was not entertained. en-us Mon, 05 Dec 2016 00:00:00 +0530 Wed, 14 Dec 2016 16:14:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336026 The High Court held that the reopening of assessment for Assessment Year 2007-08 was unjustified as it amounted to a change of opinion by the Assessing Officer. The Court found that the Assessing Officer lacked valid reasons to believe income had escaped assessment, especially considering the transaction had been previously examined and accepted. The denial of benefits under Section 54EC of the Income Tax Act, 1961 was also deemed unjustified. Consequently, the appeal was dismissed, and the Revenue's grievance regarding the merits of the Tribunal's order was not entertained. Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336026