https://www.taxtmi.com/caselaws?id=375987 The Tribunal allowed the appeal, setting aside the assessment order due to flaws in the reassessment process and lack of transparency in assessing long term capital gain. The appellant successfully challenged the reopening of assessment under section 147 of the Income Tax Act, emphasizing that reassessment cannot be solely based on a change of opinion. The Tribunal highlighted the importance of full disclosure of material facts and the necessity for valid reasons to believe income has escaped assessment. The assessment order was ultimately quashed on legal grounds, ensuring adherence to reassessment principles. en-us Fri, 22 Feb 2019 00:00:00 +0530 Fri, 01 Mar 2019 07:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375987 The Tribunal allowed the appeal, setting aside the assessment order due to flaws in the reassessment process and lack of transparency in assessing long term capital gain. The appellant successfully challenged the reopening of assessment under section 147 of the Income Tax Act, emphasizing that reassessment cannot be solely based on a change of opinion. The Tribunal highlighted the importance of full disclosure of material facts and the necessity for valid reasons to believe income has escaped assessment. The assessment order was ultimately quashed on legal grounds, ensuring adherence to reassessment principles. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375987