https://www.taxtmi.com/caselaws?id=389935 The Tribunal quashed the reassessment under Section 147 of the Income Tax Act as it was based on a change of opinion, citing precedents including SC in CIT v. Kelvinator India Ltd and HC in Idea Cellular Ltd. v. DCIT. The reassessment was found invalid due to issues already considered in the original assessment under Section 143(3). The Tribunal allowed the assessee's appeal, dismissing the Revenue's appeal as infructuous. Income from core activities under the Tonnage Tax scheme should not be separately taxed under normal provisions, in line with previous judgments and legislative intent. en-us Fri, 29 Nov 2019 00:00:00 +0530 Thu, 19 Dec 2019 11:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389935 The Tribunal quashed the reassessment under Section 147 of the Income Tax Act as it was based on a change of opinion, citing precedents including SC in CIT v. Kelvinator India Ltd and HC in Idea Cellular Ltd. v. DCIT. The reassessment was found invalid due to issues already considered in the original assessment under Section 143(3). The Tribunal allowed the assessee's appeal, dismissing the Revenue's appeal as infructuous. Income from core activities under the Tonnage Tax scheme should not be separately taxed under normal provisions, in line with previous judgments and legislative intent. Case-Laws Income Tax Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389935