https://www.taxtmi.com/caselaws?id=392392 The Tribunal ruled in favor of the appellant, finding the reopening of assessment under sec.147 invalid as it was based on a change of opinion rather than fresh material. The denial of exemption u/s.54B was overturned, with the Tribunal noting that the reinvestment in agricultural lands was legitimate and complied with statutory requirements. The appellant's argument of not failing to disclose all material facts necessary for assessment was accepted, emphasizing the lack of fresh tangible material in the reassessment. Overall, the appellant succeeded in all issues raised in the appeal, securing a favorable outcome. en-us Wed, 12 Feb 2020 00:00:00 +0530 Tue, 18 Feb 2020 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392392 The Tribunal ruled in favor of the appellant, finding the reopening of assessment under sec.147 invalid as it was based on a change of opinion rather than fresh material. The denial of exemption u/s.54B was overturned, with the Tribunal noting that the reinvestment in agricultural lands was legitimate and complied with statutory requirements. The appellant's argument of not failing to disclose all material facts necessary for assessment was accepted, emphasizing the lack of fresh tangible material in the reassessment. Overall, the appellant succeeded in all issues raised in the appeal, securing a favorable outcome. Case-Laws Income Tax Wed, 12 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392392