https://www.taxtmi.com/caselaws?id=408921 The Tribunal held that the Assessing Officer's reopening of assessment under section 147 of the Income-tax Act, 1961 was based on a mere change of opinion and was not valid in law. The Tribunal found that the provision for standard assets should be considered as part of the provision for bad and doubtful debts under section 36(1)(viia). Consequently, the Tribunal set aside the order of the CIT(A) and held the reopening to be bad in law, quashing the impugned orders passed by the tax authorities. The appeal filed by the assessee was allowed. en-us Tue, 22 Jun 2021 00:00:00 +0530 Thu, 24 Jun 2021 08:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408921 The Tribunal held that the Assessing Officer's reopening of assessment under section 147 of the Income-tax Act, 1961 was based on a mere change of opinion and was not valid in law. The Tribunal found that the provision for standard assets should be considered as part of the provision for bad and doubtful debts under section 36(1)(viia). Consequently, the Tribunal set aside the order of the CIT(A) and held the reopening to be bad in law, quashing the impugned orders passed by the tax authorities. The appeal filed by the assessee was allowed. Case-Laws Income Tax Tue, 22 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408921