https://www.taxtmi.com/caselaws?id=357253 The Tribunal quashed the reassessment order as it was based on a mere change of opinion without new tangible material, invalidating the reassessment under Section 147. The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The issues of non-deduction of tax at source, valuation of closing stock, depreciation on brought forward WDV, TDS on foreign currency remittance, disallowance under Section 43B, and claim of expense towards penalty for service tax were found unjustified for reopening the assessment due to lack of new material. en-us Mon, 19 Mar 2018 00:00:00 +0530 Tue, 20 Mar 2018 08:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357253 The Tribunal quashed the reassessment order as it was based on a mere change of opinion without new tangible material, invalidating the reassessment under Section 147. The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The issues of non-deduction of tax at source, valuation of closing stock, depreciation on brought forward WDV, TDS on foreign currency remittance, disallowance under Section 43B, and claim of expense towards penalty for service tax were found unjustified for reopening the assessment due to lack of new material. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357253