https://www.taxtmi.com/caselaws?id=417782 The Tribunal quashed the re-assessment proceedings initiated by the Assessing Officer under Section 147 of the Income Tax Act, as there was no new tangible material justifying the re-assessment, and it was deemed a change of opinion. The Tribunal also upheld the assessee's claim of exemption under Section 10(34) for dividend income and deduction under Section 11(1)(a) for charitable purposes. Additionally, the Tribunal ruled in favor of the assessee regarding capital gains on the transfer of assets and reinvestment in unquoted shares, citing lack of new material and a change of opinion by the AO. The appeal of the assessee was allowed, and the Revenue's appeal was dismissed. en-us Mon, 24 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 20:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417782 The Tribunal quashed the re-assessment proceedings initiated by the Assessing Officer under Section 147 of the Income Tax Act, as there was no new tangible material justifying the re-assessment, and it was deemed a change of opinion. The Tribunal also upheld the assessee's claim of exemption under Section 10(34) for dividend income and deduction under Section 11(1)(a) for charitable purposes. Additionally, the Tribunal ruled in favor of the assessee regarding capital gains on the transfer of assets and reinvestment in unquoted shares, citing lack of new material and a change of opinion by the AO. The appeal of the assessee was allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417782