https://www.taxtmi.com/caselaws?id=370664 The Tribunal invalidated the reopening of assessment under Section 147 of the Income Tax Act as it lacked tangible material suggesting income escapement and was deemed a mere change of opinion. Consequently, the reassessment proceedings and the addition towards income from house property were quashed. The Tribunal emphasized the necessity of specific allegations of failure to disclose material facts for reopening assessments after four years, citing judicial precedents. The appeal was allowed in favor of the assessee based on the invalidity of the reassessment. en-us Fri, 16 Nov 2018 00:00:00 +0530 Wed, 21 Nov 2018 21:31:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370664 The Tribunal invalidated the reopening of assessment under Section 147 of the Income Tax Act as it lacked tangible material suggesting income escapement and was deemed a mere change of opinion. Consequently, the reassessment proceedings and the addition towards income from house property were quashed. The Tribunal emphasized the necessity of specific allegations of failure to disclose material facts for reopening assessments after four years, citing judicial precedents. The appeal was allowed in favor of the assessee based on the invalidity of the reassessment. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370664