https://www.taxtmi.com/caselaws?id=359410 The Tribunal set aside the reassessment order for the assessment year 2009-2010, emphasizing the necessity of fresh tangible material to support the belief of income escapement under Section 147 of the Income Tax Act, 1961. The reassessment was deemed invalid as it was solely based on a change of opinion without new tangible information, in line with the precedent set in CIT vs. Kelvinator of India Ltd. The Tribunal's decision underscores the requirement for a live link between reasons and the belief of income escapement, safeguarding taxpayers' rights and curbing arbitrary actions by the Assessing Officer. en-us Wed, 25 Apr 2018 00:00:00 +0530 Mon, 30 Apr 2018 06:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359410 The Tribunal set aside the reassessment order for the assessment year 2009-2010, emphasizing the necessity of fresh tangible material to support the belief of income escapement under Section 147 of the Income Tax Act, 1961. The reassessment was deemed invalid as it was solely based on a change of opinion without new tangible information, in line with the precedent set in CIT vs. Kelvinator of India Ltd. The Tribunal's decision underscores the requirement for a live link between reasons and the belief of income escapement, safeguarding taxpayers' rights and curbing arbitrary actions by the Assessing Officer. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359410