https://www.taxtmi.com/caselaws?id=401801 The Tribunal annulled the reassessment order in a case where the Assessing Officer initiated reassessment proceedings u/s.147 based on a mere change of opinion without any new tangible information. The Tribunal emphasized the requirement of tangible material for reopening assessments and highlighted that a mere change of opinion is insufficient grounds for reassessment. As the reassessment was deemed invalid, the Tribunal allowed the assessee's appeal, quashing the reassessment proceedings and the first appellate order. The decision underscored the importance of a live link between reasons recorded and the belief formed for reassessment. en-us Mon, 14 Dec 2020 00:00:00 +0530 Thu, 17 Dec 2020 09:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401801 The Tribunal annulled the reassessment order in a case where the Assessing Officer initiated reassessment proceedings u/s.147 based on a mere change of opinion without any new tangible information. The Tribunal emphasized the requirement of tangible material for reopening assessments and highlighted that a mere change of opinion is insufficient grounds for reassessment. As the reassessment was deemed invalid, the Tribunal allowed the assessee's appeal, quashing the reassessment proceedings and the first appellate order. The decision underscored the importance of a live link between reasons recorded and the belief formed for reassessment. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401801