https://www.taxtmi.com/caselaws?id=399871 The High Court dismissed the appeal, affirming the Tribunal's decision to quash the reassessment under Section 147 of the Income Tax Act. The reassessment was deemed invalid as it appeared to be a mere change of opinion without new material facts, contrary to the requirements for valid reassessment. The Tribunal also found that the reassessment was time-barred under Section 147(1) proviso due to the absence of failure to disclose material facts during the original assessment. The High Court upheld the Tribunal's decision, emphasizing that the appeal was limited to substantial questions of law and not a reevaluation of factual findings. en-us Thu, 08 Oct 2020 00:00:00 +0530 Wed, 21 Oct 2020 18:02:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399871 The High Court dismissed the appeal, affirming the Tribunal's decision to quash the reassessment under Section 147 of the Income Tax Act. The reassessment was deemed invalid as it appeared to be a mere change of opinion without new material facts, contrary to the requirements for valid reassessment. The Tribunal also found that the reassessment was time-barred under Section 147(1) proviso due to the absence of failure to disclose material facts during the original assessment. The High Court upheld the Tribunal's decision, emphasizing that the appeal was limited to substantial questions of law and not a reevaluation of factual findings. Case-Laws Income Tax Thu, 08 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399871