https://www.taxtmi.com/caselaws?id=366617 The High Court dismissed the appeal filed by the Revenue, affirming the Tribunal's findings. It emphasized that re-assessment cannot be initiated solely based on a change of opinion or audit objections and must establish valid reasons for income escaping assessment. The Court ruled that income from 'Dividends on Shares' should be taxed as business income, set-off of business loss against capital gains was appropriate, and mere change of opinion is insufficient for reassessment. The Court invalidated the reassessment due to lack of justification in the notice issued. en-us Tue, 31 Jul 2018 00:00:00 +0530 Mon, 01 Oct 2018 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366617 The High Court dismissed the appeal filed by the Revenue, affirming the Tribunal's findings. It emphasized that re-assessment cannot be initiated solely based on a change of opinion or audit objections and must establish valid reasons for income escaping assessment. The Court ruled that income from 'Dividends on Shares' should be taxed as business income, set-off of business loss against capital gains was appropriate, and mere change of opinion is insufficient for reassessment. The Court invalidated the reassessment due to lack of justification in the notice issued. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366617