https://www.taxtmi.com/caselaws?id=393355 The court dismissed the appeal challenging the Income Tax Appellate Tribunal's decision on the Section 80-I deduction under the Income Tax Act, 1961. It held that a mere change of opinion does not constitute a valid reason to believe income had escaped assessment under Section 147. The court emphasized the requirement of tangible material for invoking Section 147 post-assessment and clarified the distinction between the power to review and the power to reassess. Ultimately, the court concluded that the appeal lacked merit, and the question of law did not arise, thus dismissing the appeal. en-us Mon, 03 Feb 2020 00:00:00 +0530 Fri, 13 Mar 2020 13:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393355 The court dismissed the appeal challenging the Income Tax Appellate Tribunal's decision on the Section 80-I deduction under the Income Tax Act, 1961. It held that a mere change of opinion does not constitute a valid reason to believe income had escaped assessment under Section 147. The court emphasized the requirement of tangible material for invoking Section 147 post-assessment and clarified the distinction between the power to review and the power to reassess. Ultimately, the court concluded that the appeal lacked merit, and the question of law did not arise, thus dismissing the appeal. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393355