https://www.taxtmi.com/caselaws?id=369786 The department's appeal regarding the validity of reassessment proceedings for AY 2004-05 was dismissed as the reassessment was deemed based on a change of opinion without substantial material. The applicability of Section 44 for AYs 2005-06 to 2010-11 was upheld by the ITAT, emphasizing its precedence in computing profits from life insurance business. The penalty imposed under Section 271(1)(c) for AY 2007-08 was deleted due to the notice's failure to specify the nature of the charge. Consequently, all department appeals were dismissed, and the assessee's appeal was allowed. en-us Wed, 31 Oct 2018 00:00:00 +0530 Fri, 02 Nov 2018 13:46:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369786 The department's appeal regarding the validity of reassessment proceedings for AY 2004-05 was dismissed as the reassessment was deemed based on a change of opinion without substantial material. The applicability of Section 44 for AYs 2005-06 to 2010-11 was upheld by the ITAT, emphasizing its precedence in computing profits from life insurance business. The penalty imposed under Section 271(1)(c) for AY 2007-08 was deleted due to the notice's failure to specify the nature of the charge. Consequently, all department appeals were dismissed, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369786