https://www.taxtmi.com/caselaws?id=272419 The Appellate Tribunal dismissed the Revenue's appeal, upholding the decisions in favor of the assessee made by the Commissioner of Income-Tax (Appeals). The Tribunal found that the Assessing Officer wrongly assumed jurisdiction under section 147 without new tangible information, emphasizing that a change of opinion is not sufficient to reopen assessments. Additionally, the Tribunal agreed that the loss on the sale of investments should be treated as a business loss based on consistent treatment in previous assessments. The Tribunal also supported the deletion of the addition made on account of bad debts written off, citing correct entries in the books of account and a relevant Supreme Court decision. en-us Fri, 24 Jun 2016 00:00:00 +0530 Wed, 02 May 2018 21:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272419 The Appellate Tribunal dismissed the Revenue's appeal, upholding the decisions in favor of the assessee made by the Commissioner of Income-Tax (Appeals). The Tribunal found that the Assessing Officer wrongly assumed jurisdiction under section 147 without new tangible information, emphasizing that a change of opinion is not sufficient to reopen assessments. Additionally, the Tribunal agreed that the loss on the sale of investments should be treated as a business loss based on consistent treatment in previous assessments. The Tribunal also supported the deletion of the addition made on account of bad debts written off, citing correct entries in the books of account and a relevant Supreme Court decision. Case-Laws Income Tax Fri, 24 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272419