https://www.taxtmi.com/caselaws?id=278383 The appeal filed by the Revenue challenging the reopening of assessment under section 147 of the Income Tax Act was dismissed. The Court found the reopening invalid as no new details were provided, all information was disclosed earlier, and the reasons were based solely on audit objections. The addition of notional foreign exchange gain as income was also rejected, considering the appellant's substantial losses. The reopening lacked a legal basis and fresh tangible material, exceeding the limitation period. The belief of escapement of income was deemed legally invalid, leading to the affirmation of the decision quashing the assessment reopening. en-us Fri, 12 Feb 2016 00:00:00 +0530 Wed, 30 Jan 2019 06:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278383 The appeal filed by the Revenue challenging the reopening of assessment under section 147 of the Income Tax Act was dismissed. The Court found the reopening invalid as no new details were provided, all information was disclosed earlier, and the reasons were based solely on audit objections. The addition of notional foreign exchange gain as income was also rejected, considering the appellant's substantial losses. The reopening lacked a legal basis and fresh tangible material, exceeding the limitation period. The belief of escapement of income was deemed legally invalid, leading to the affirmation of the decision quashing the assessment reopening. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278383