https://www.taxtmi.com/caselaws?id=372748 The court held that the reassessment under section 147 was not sustainable as it amounted to a mere change of opinion. The bank transactions had already been considered during the block assessment, and initiating reassessment after four years was deemed unjustified. The court set aside the proceedings under section 148 read with section 147 against the appellant-assessee, emphasizing the importance of not permitting reassessment based on a change of opinion and upholding assessment finality principles. en-us Tue, 14 Aug 2018 00:00:00 +0530 Fri, 28 Dec 2018 11:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372748 The court held that the reassessment under section 147 was not sustainable as it amounted to a mere change of opinion. The bank transactions had already been considered during the block assessment, and initiating reassessment after four years was deemed unjustified. The court set aside the proceedings under section 148 read with section 147 against the appellant-assessee, emphasizing the importance of not permitting reassessment based on a change of opinion and upholding assessment finality principles. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372748