https://www.taxtmi.com/caselaws?id=339215 The Tribunal quashed the reassessment order initiated under Section 147 read with Section 148 of the Income Tax Act, holding it as a mere change of opinion by the assessing officer, which is impermissible under the law. The reassessment was deemed bad in law as it lacked new tangible material suggesting income escapement. The Tribunal did not delve into the taxability of the loan amount waived by the bank due to the illegality of the reassessment proceedings, leaving those grounds open for future consideration. The appeal was partly allowed based on the illegality of the reassessment. en-us Fri, 10 Feb 2017 00:00:00 +0530 Tue, 21 Feb 2017 00:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339215 The Tribunal quashed the reassessment order initiated under Section 147 read with Section 148 of the Income Tax Act, holding it as a mere change of opinion by the assessing officer, which is impermissible under the law. The reassessment was deemed bad in law as it lacked new tangible material suggesting income escapement. The Tribunal did not delve into the taxability of the loan amount waived by the bank due to the illegality of the reassessment proceedings, leaving those grounds open for future consideration. The appeal was partly allowed based on the illegality of the reassessment. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339215