https://www.taxtmi.com/caselaws?id=372676 The Tribunal upheld the CIT(A)'s decision to quash the reopening of assessment under Section 147 of the Income Tax Act, 1961. It held that the retrospective amendment in Section 115JB did not justify reassessment as there was no failure by the assessee to disclose material facts. The Tribunal found the AO's action time-barred and legally flawed, dismissing the Revenue's appeal. The cross objection challenging jurisdiction and book profit computation was not addressed due to the main issue's resolution. The reassessment was deemed invalid, emphasizing the necessity of meeting statutory conditions for reopening assessments. en-us Wed, 14 Nov 2018 00:00:00 +0530 Thu, 27 Dec 2018 16:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372676 The Tribunal upheld the CIT(A)'s decision to quash the reopening of assessment under Section 147 of the Income Tax Act, 1961. It held that the retrospective amendment in Section 115JB did not justify reassessment as there was no failure by the assessee to disclose material facts. The Tribunal found the AO's action time-barred and legally flawed, dismissing the Revenue's appeal. The cross objection challenging jurisdiction and book profit computation was not addressed due to the main issue's resolution. The reassessment was deemed invalid, emphasizing the necessity of meeting statutory conditions for reopening assessments. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372676