https://www.taxtmi.com/caselaws?id=402360 The Tribunal held that the reassessment proceedings under Section 147 of the Income Tax Act for Assessment Year 2006-07 were invalid as there was no suppression of material facts, deeming the reopening as a mere change of opinion. Additionally, the Tribunal found the addition of &8377;15,41,18,249/- regarding property tax deduction unwarranted, as the rectification entry made by the assessee in the previous year was tax-neutral and not claimed as a deduction, directing the deletion of the addition. en-us Tue, 29 Dec 2020 00:00:00 +0530 Wed, 30 Dec 2020 11:33:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402360 The Tribunal held that the reassessment proceedings under Section 147 of the Income Tax Act for Assessment Year 2006-07 were invalid as there was no suppression of material facts, deeming the reopening as a mere change of opinion. Additionally, the Tribunal found the addition of &8377;15,41,18,249/- regarding property tax deduction unwarranted, as the rectification entry made by the assessee in the previous year was tax-neutral and not claimed as a deduction, directing the deletion of the addition. Case-Laws Income Tax Tue, 29 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402360