https://www.taxtmi.com/caselaws?id=191314 The Court quashed the notice issued under Section 148 of the Income Tax Act, 1961 for reassessment, as it was found that the reassessment was based on a mere change of opinion without new tangible material. The Court emphasized that the Assessing Officer must have tangible material to conclude income escapement and cannot act solely on a change of opinion. The order rejecting the Assessee's objections was set aside, and the writ petition was allowed with no costs awarded. en-us Mon, 22 Feb 2016 00:00:00 +0530 Thu, 30 Mar 2017 09:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191314 The Court quashed the notice issued under Section 148 of the Income Tax Act, 1961 for reassessment, as it was found that the reassessment was based on a mere change of opinion without new tangible material. The Court emphasized that the Assessing Officer must have tangible material to conclude income escapement and cannot act solely on a change of opinion. The order rejecting the Assessee's objections was set aside, and the writ petition was allowed with no costs awarded. Case-Laws Income Tax Mon, 22 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191314