https://www.taxtmi.com/caselaws?id=374912 The High Court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's decision, deeming the notice to reopen the assessment for the respondent assessee invalid. The court emphasized that reopening beyond the statutory period requires new information justifying the belief of escaped income. In this case, as the Assessing Officer lacked fresh material and relied on previously known details, the reopening was considered a change of opinion and was deemed unjustified. The court's ruling highlights the necessity of new and substantive information to support reopening assessments, preventing arbitrary changes based on previously addressed matters. en-us Wed, 06 Feb 2019 00:00:00 +0530 Tue, 12 Feb 2019 07:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374912 The High Court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's decision, deeming the notice to reopen the assessment for the respondent assessee invalid. The court emphasized that reopening beyond the statutory period requires new information justifying the belief of escaped income. In this case, as the Assessing Officer lacked fresh material and relied on previously known details, the reopening was considered a change of opinion and was deemed unjustified. The court's ruling highlights the necessity of new and substantive information to support reopening assessments, preventing arbitrary changes based on previously addressed matters. Case-Laws Income Tax Wed, 06 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374912