https://www.taxtmi.com/caselaws?id=418628 The High Court upheld the Tribunal's decision that the re-assessment proceedings for the Assessment Year 1998-99 under Section 147 of the Income Tax Act were invalid. The Court dismissed the Tax Case Appeal, emphasizing the necessity of fresh material to justify reassessment. The Assessing Officer's change of opinion without new evidence rendered the re-assessment null and void ab initio. The Court ruled in favor of the assessee, highlighting the importance of tangible evidence for validly reopening assessments under Section 147. en-us Mon, 14 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418628 The High Court upheld the Tribunal's decision that the re-assessment proceedings for the Assessment Year 1998-99 under Section 147 of the Income Tax Act were invalid. The Court dismissed the Tax Case Appeal, emphasizing the necessity of fresh material to justify reassessment. The Assessing Officer's change of opinion without new evidence rendered the re-assessment null and void ab initio. The Court ruled in favor of the assessee, highlighting the importance of tangible evidence for validly reopening assessments under Section 147. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418628