https://www.taxtmi.com/caselaws?id=373855 The High Court ruled in favor of the petitioner, an individual and dealer of iron and steel, in a challenge against a notice of reopening of assessment for the Assessment Year 2011-12. The Court held that the Assessing Officer's attempt to tax the entire amount of alleged bogus purchases constituted a mere change of opinion from the previous assessment and was impermissible without new material. Emphasizing the distinction between revisional powers and reassessment, the Court quashed the notice, stating that taxing the entire amount instead of the initially assessed percentage was not a valid ground for reassessment. en-us Thu, 17 Jan 2019 00:00:00 +0530 Mon, 21 Jan 2019 09:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373855 The High Court ruled in favor of the petitioner, an individual and dealer of iron and steel, in a challenge against a notice of reopening of assessment for the Assessment Year 2011-12. The Court held that the Assessing Officer's attempt to tax the entire amount of alleged bogus purchases constituted a mere change of opinion from the previous assessment and was impermissible without new material. Emphasizing the distinction between revisional powers and reassessment, the Court quashed the notice, stating that taxing the entire amount instead of the initially assessed percentage was not a valid ground for reassessment. Case-Laws Income Tax Thu, 17 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373855