https://www.taxtmi.com/caselaws?id=385228 The court upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, 1961, emphasizing the need for tangible material supporting the decision. It determined that the reassessment was not a mere change of opinion but based on fresh information regarding bogus loan transactions. The reasons recorded for reopening were deemed sufficient and the Assessing Officer had applied proper consideration. Information from the Investigation Wing was found relevant, leading to the rejection of writ applications and the vacation of interim relief. en-us Tue, 20 Aug 2019 00:00:00 +0530 Sat, 07 Dec 2019 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385228 The court upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, 1961, emphasizing the need for tangible material supporting the decision. It determined that the reassessment was not a mere change of opinion but based on fresh information regarding bogus loan transactions. The reasons recorded for reopening were deemed sufficient and the Assessing Officer had applied proper consideration. Information from the Investigation Wing was found relevant, leading to the rejection of writ applications and the vacation of interim relief. Case-Laws Income Tax Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385228