https://www.taxtmi.com/caselaws?id=398897 The High Court dismissed the Tax Case Appeals, upholding the Tribunal's decision on jurisdiction to reopen the case under Section 147 of the Income Tax Act. The Court found in favor of the assessee regarding disclosure of material facts during the original assessment and treatment of business loss as speculative loss. The judgment emphasized the importance of full disclosure during assessments and limitations on reopening based on a change of opinion. en-us Wed, 16 Sep 2020 00:00:00 +0530 Tue, 17 Nov 2020 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398897 The High Court dismissed the Tax Case Appeals, upholding the Tribunal's decision on jurisdiction to reopen the case under Section 147 of the Income Tax Act. The Court found in favor of the assessee regarding disclosure of material facts during the original assessment and treatment of business loss as speculative loss. The judgment emphasized the importance of full disclosure during assessments and limitations on reopening based on a change of opinion. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398897