https://www.taxtmi.com/caselaws?id=409770 The Tribunal ruled in favor of the assessee, holding that the reassessment was invalid as it was based on a mere change of opinion without fresh material. The Tribunal emphasized the necessity of a valid reason to believe income escapement for initiating reassessment proceedings under section 147. Consequently, the Tribunal quashed the notice issued under section 148 and the reopening of the assessment under section 147, allowing the appeal of the assessee. en-us Wed, 30 Jun 2021 00:00:00 +0530 Fri, 16 Jul 2021 08:26:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409770 The Tribunal ruled in favor of the assessee, holding that the reassessment was invalid as it was based on a mere change of opinion without fresh material. The Tribunal emphasized the necessity of a valid reason to believe income escapement for initiating reassessment proceedings under section 147. Consequently, the Tribunal quashed the notice issued under section 148 and the reopening of the assessment under section 147, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409770