https://www.taxtmi.com/caselaws?id=292272 The ITAT allowed the assessee's appeal, ruling that the AO's initiation of reassessment proceedings under sections 147 and 148 of the Income-tax Act, 1961, was invalid. The Tribunal determined that the AO's action constituted a mere change of opinion without new material, thus lacking jurisdiction. Consequently, the Tribunal reversed the lower authorities' decision, favoring the assessee on jurisdictional grounds and refrained from addressing the case's merits. en-us Tue, 24 Nov 2015 00:00:00 +0530 Wed, 13 Nov 2024 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292272 The ITAT allowed the assessee's appeal, ruling that the AO's initiation of reassessment proceedings under sections 147 and 148 of the Income-tax Act, 1961, was invalid. The Tribunal determined that the AO's action constituted a mere change of opinion without new material, thus lacking jurisdiction. Consequently, the Tribunal reversed the lower authorities' decision, favoring the assessee on jurisdictional grounds and refrained from addressing the case's merits. Case-Laws Income Tax Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292272