https://www.taxtmi.com/caselaws?id=361447 The Tribunal allowed the assessee's appeal, invalidating the reassessment and additions made by the AO. The reassessment under section 148 was deemed impermissible as it was based on a mere change of opinion without fresh tangible material, leading to the quashing of the assessment under the IT Act. The additions made by the AO towards interest on a partner's negative capital were also invalidated, resulting in the appeal being allowed in favor of the assessee. en-us Mon, 28 May 2018 00:00:00 +0530 Thu, 07 Jun 2018 08:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361447 The Tribunal allowed the assessee's appeal, invalidating the reassessment and additions made by the AO. The reassessment under section 148 was deemed impermissible as it was based on a mere change of opinion without fresh tangible material, leading to the quashing of the assessment under the IT Act. The additions made by the AO towards interest on a partner's negative capital were also invalidated, resulting in the appeal being allowed in favor of the assessee. Case-Laws Income Tax Mon, 28 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361447