https://www.taxtmi.com/caselaws?id=10382 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer lacked jurisdiction to reopen the assessment under section 147 solely based on the Departmental Valuation Report. The decision emphasized the necessity of specific, relevant information to invoke section 147, highlighting that a mere change of opinion is insufficient grounds for reassessment. The judgment underscored the importance of adhering to established legal standards and ensuring fairness in reassessment proceedings under the Income-tax Act. en-us Fri, 03 Dec 2004 00:00:00 +0530 Tue, 14 Jul 2009 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10382 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer lacked jurisdiction to reopen the assessment under section 147 solely based on the Departmental Valuation Report. The decision emphasized the necessity of specific, relevant information to invoke section 147, highlighting that a mere change of opinion is insufficient grounds for reassessment. The judgment underscored the importance of adhering to established legal standards and ensuring fairness in reassessment proceedings under the Income-tax Act. Case-Laws Income Tax Fri, 03 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10382