https://www.taxtmi.com/caselaws?id=20387 The Tribunal held that the reopening of assessments under section 147(a)/148 of the Income-tax Act was not legal as it lacked concrete evidence of income escapement and relied on a mere change of opinion without new material facts. The Tribunal emphasized the necessity of specific material facts for reassessment and cited precedents to support its decision. The reassessment proceedings were deemed improper, and the Tribunal's decision to invalidate them was upheld, ruling in favor of the assessee without costs. en-us Mon, 26 Apr 1993 00:00:00 +0530 Fri, 13 Nov 2009 16:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20387 The Tribunal held that the reopening of assessments under section 147(a)/148 of the Income-tax Act was not legal as it lacked concrete evidence of income escapement and relied on a mere change of opinion without new material facts. The Tribunal emphasized the necessity of specific material facts for reassessment and cited precedents to support its decision. The reassessment proceedings were deemed improper, and the Tribunal's decision to invalidate them was upheld, ruling in favor of the assessee without costs. Case-Laws Income Tax Mon, 26 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20387