https://www.taxtmi.com/caselaws?id=404239 The Tribunal upheld the CIT(A)'s decision in quashing the reassessment proceedings for the assessment year 2010-2011. The reassessment initiated beyond four years from the end of the relevant assessment year was deemed invalid due to being a mere change of opinion, as the assessee had duly disclosed all material facts during the original assessment. Additionally, the Tribunal dismissed the appeal filed by the Revenue regarding the undervaluation of closing inventory and gross profit percentage discrepancy, upholding the CIT(A)'s findings that the additions made by the AO were unsustainable due to lack of contrary evidence from the Revenue. en-us Tue, 16 Feb 2021 00:00:00 +0530 Thu, 18 Feb 2021 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404239 The Tribunal upheld the CIT(A)'s decision in quashing the reassessment proceedings for the assessment year 2010-2011. The reassessment initiated beyond four years from the end of the relevant assessment year was deemed invalid due to being a mere change of opinion, as the assessee had duly disclosed all material facts during the original assessment. Additionally, the Tribunal dismissed the appeal filed by the Revenue regarding the undervaluation of closing inventory and gross profit percentage discrepancy, upholding the CIT(A)'s findings that the additions made by the AO were unsustainable due to lack of contrary evidence from the Revenue. Case-Laws Income Tax Tue, 16 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404239