https://www.taxtmi.com/caselaws?id=398159 The Tribunal upheld the CIT(A)'s order, quashing the reassessment proceedings under Sections 147 and 148 of the Income Tax Act. It found the reopening unjustified as the original assessment had already scrutinized the expenses, and no new material was presented. The Tribunal emphasized that reassessment based on a mere change of opinion is impermissible and noted the limitation period had expired. Consequently, the Tribunal dismissed the Revenue's appeal and the assessee's cross objections, declaring the reassessment as legally flawed. en-us Fri, 31 Jul 2020 00:00:00 +0530 Tue, 08 Sep 2020 10:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398159 The Tribunal upheld the CIT(A)'s order, quashing the reassessment proceedings under Sections 147 and 148 of the Income Tax Act. It found the reopening unjustified as the original assessment had already scrutinized the expenses, and no new material was presented. The Tribunal emphasized that reassessment based on a mere change of opinion is impermissible and noted the limitation period had expired. Consequently, the Tribunal dismissed the Revenue's appeal and the assessee's cross objections, declaring the reassessment as legally flawed. Case-Laws Income Tax Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398159