https://www.taxtmi.com/caselaws?id=375032 Reopening an assessment under Section 148 requires reasons to believe grounded in fresh, verifiable material showing escapement of income or omission to disclose material facts; a mere change of opinion on facts already considered does not suffice. Here, discrepancies in sundry creditors were examined at original assessment and in later rectification proceedings, and no new material distinct from that record existed. Applying the settled fresh material test, the reopening notice dated 29.03.2014 failed the statutory threshold and was quashed, with the writ allowed for the assessee. en-us Mon, 11 Feb 2019 00:00:00 +0530 Tue, 30 Jul 2019 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375032 Reopening an assessment under Section 148 requires reasons to believe grounded in fresh, verifiable material showing escapement of income or omission to disclose material facts; a mere change of opinion on facts already considered does not suffice. Here, discrepancies in sundry creditors were examined at original assessment and in later rectification proceedings, and no new material distinct from that record existed. Applying the settled fresh material test, the reopening notice dated 29.03.2014 failed the statutory threshold and was quashed, with the writ allowed for the assessee. Case-Laws Income Tax Mon, 11 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375032