https://www.taxtmi.com/caselaws?id=402232 The Appellate Tribunal held that the reassessment proceedings under section 147 of the Income Tax Act 1961 were not valid as the Assessee had fully disclosed all material facts during the original assessment. The Tribunal found that the reassessment was based on a change of opinion, impermissible under the Act. Consequently, the Tribunal set aside the reassessment proceedings for Assessment Year 2006-07, quashing the assessment framed under section 143(3) read with section 147. en-us Mon, 23 Nov 2020 00:00:00 +0530 Sat, 26 Dec 2020 11:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402232 The Appellate Tribunal held that the reassessment proceedings under section 147 of the Income Tax Act 1961 were not valid as the Assessee had fully disclosed all material facts during the original assessment. The Tribunal found that the reassessment was based on a change of opinion, impermissible under the Act. Consequently, the Tribunal set aside the reassessment proceedings for Assessment Year 2006-07, quashing the assessment framed under section 143(3) read with section 147. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402232