https://www.taxtmi.com/caselaws?id=18105 The Tribunal held that the reassessment for the assessment year 1970-71 under section 147(a) of the Income-tax Act was impermissible and unsustainable. Despite a third party disputing cash credits, the assessee had fully disclosed all material facts during the original assessment. The Income-tax Officer's attempt to reopen the assessment based on new evidence was deemed unauthorized as it amounted to a change of opinion, which is not permissible under the law. The Tribunal rejected the Revenue's claim for a referable question of law and denied costs, affirming that the reassessment was unjustified. en-us Fri, 04 Oct 1996 00:00:00 +0530 Sat, 26 Sep 2009 17:15:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18105 The Tribunal held that the reassessment for the assessment year 1970-71 under section 147(a) of the Income-tax Act was impermissible and unsustainable. Despite a third party disputing cash credits, the assessee had fully disclosed all material facts during the original assessment. The Income-tax Officer's attempt to reopen the assessment based on new evidence was deemed unauthorized as it amounted to a change of opinion, which is not permissible under the law. The Tribunal rejected the Revenue's claim for a referable question of law and denied costs, affirming that the reassessment was unjustified. Case-Laws Income Tax Fri, 04 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18105