https://www.taxtmi.com/caselaws?id=288518 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) to quash the reassessment proceedings. The ITAT ruled that the reassessment lacked the necessary belief that income had escaped assessment, as no new material indicated such. It emphasized that reopening assessments requires valid reasons beyond a mere change of opinion. The appeal was dismissed, affirming the annulment of the reassessment proceedings on September 1, 2016. en-us Thu, 01 Sep 2016 00:00:00 +0530 Sat, 13 Jun 2020 09:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288518 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) to quash the reassessment proceedings. The ITAT ruled that the reassessment lacked the necessary belief that income had escaped assessment, as no new material indicated such. It emphasized that reopening assessments requires valid reasons beyond a mere change of opinion. The appeal was dismissed, affirming the annulment of the reassessment proceedings on September 1, 2016. Case-Laws Income Tax Thu, 01 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288518