https://www.taxtmi.com/caselaws?id=402176 The Tribunal dismissed the revenue's appeals, upholding the quashing of reassessment proceedings by the Ld. CIT(A) due to a change of opinion. The reassessment was found to lack merit as the original assessment was not based on any failure by the assessee to disclose material facts. Additionally, discrepancies in production costs between the income tax return and Form 52A were deemed not sufficient to warrant the reassessment. The Tribunal found no fault in the Ld. CIT(A)'s decision and concluded that the reassessment proceedings were rightly quashed. en-us Fri, 27 Nov 2020 00:00:00 +0530 Fri, 25 Dec 2020 16:29:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402176 The Tribunal dismissed the revenue's appeals, upholding the quashing of reassessment proceedings by the Ld. CIT(A) due to a change of opinion. The reassessment was found to lack merit as the original assessment was not based on any failure by the assessee to disclose material facts. Additionally, discrepancies in production costs between the income tax return and Form 52A were deemed not sufficient to warrant the reassessment. The Tribunal found no fault in the Ld. CIT(A)'s decision and concluded that the reassessment proceedings were rightly quashed. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402176