https://www.taxtmi.com/caselaws?id=419638 The High Court set aside the notice and order rejecting objections under Section 148 of the Income Tax Act, 1948, stating that the reopening of the assessment was merely a change of opinion by the Assessing Officer and did not constitute valid reasons to believe that income had escaped assessment. The court held that the issue of how to treat the non-compete fee was adequately considered during the original assessment proceedings, and the decision to reopen was based on a change of opinion rather than new evidence or valid reasons to believe income had escaped assessment. The petition was allowed, and no costs were awarded. en-us Thu, 10 Mar 2022 00:00:00 +0530 Tue, 15 Mar 2022 20:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419638 The High Court set aside the notice and order rejecting objections under Section 148 of the Income Tax Act, 1948, stating that the reopening of the assessment was merely a change of opinion by the Assessing Officer and did not constitute valid reasons to believe that income had escaped assessment. The court held that the issue of how to treat the non-compete fee was adequately considered during the original assessment proceedings, and the decision to reopen was based on a change of opinion rather than new evidence or valid reasons to believe income had escaped assessment. The petition was allowed, and no costs were awarded. Case-Laws Income Tax Thu, 10 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419638