https://www.taxtmi.com/caselaws?id=409522 The tribunal upheld the CIT(A)'s decision, ruling that the reassessment under section 147 was invalid as it was solely based on information already disclosed during the original assessment. Emphasizing the necessity of fresh information or new facts for a valid reassessment, the tribunal dismissed the Revenue's appeal and deemed the assessee's cross objection infructuous. The decision highlighted that reassessment cannot be merely a change of opinion without new material justifying income escapement. en-us Thu, 01 Jul 2021 00:00:00 +0530 Sat, 10 Jul 2021 08:39:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409522 The tribunal upheld the CIT(A)'s decision, ruling that the reassessment under section 147 was invalid as it was solely based on information already disclosed during the original assessment. Emphasizing the necessity of fresh information or new facts for a valid reassessment, the tribunal dismissed the Revenue's appeal and deemed the assessee's cross objection infructuous. The decision highlighted that reassessment cannot be merely a change of opinion without new material justifying income escapement. Case-Laws Income Tax Thu, 01 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409522