https://www.taxtmi.com/caselaws?id=418520 The ITAT Chennai upheld the CIT(A)'s decision to quash the reassessment proceedings in a case involving the Revenue's appeal. The reassessment was deemed invalid as it was based on a change of opinion rather than new material facts, with the original assessment found to have been completed appropriately without any failure to disclose necessary information. The ITAT Chennai dismissed the Revenue's appeal, emphasizing the statutory limits for reopening assessments and the absence of grounds for reassessment beyond the prescribed period. en-us Tue, 15 Feb 2022 00:00:00 +0530 Fri, 18 Feb 2022 07:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418520 The ITAT Chennai upheld the CIT(A)'s decision to quash the reassessment proceedings in a case involving the Revenue's appeal. The reassessment was deemed invalid as it was based on a change of opinion rather than new material facts, with the original assessment found to have been completed appropriately without any failure to disclose necessary information. The ITAT Chennai dismissed the Revenue's appeal, emphasizing the statutory limits for reopening assessments and the absence of grounds for reassessment beyond the prescribed period. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418520