https://www.taxtmi.com/caselaws?id=421416 The High Court held that the reopening of the assessment for A.Y. 2014-2015 by the tax authorities was impermissible as it constituted a mere change of opinion. The Court emphasized that the Assessing Officer had already considered and accepted the explanations provided by the Petitioner during the assessment proceedings, particularly regarding loan transactions and the creditworthiness of third-party lenders. The discrepancies in the tax authority's assertions further supported the Court's decision to set aside the reopening notice and order disposing of objections, without imposing costs on the Assessing Officer. en-us Tue, 19 Apr 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421416 The High Court held that the reopening of the assessment for A.Y. 2014-2015 by the tax authorities was impermissible as it constituted a mere change of opinion. The Court emphasized that the Assessing Officer had already considered and accepted the explanations provided by the Petitioner during the assessment proceedings, particularly regarding loan transactions and the creditworthiness of third-party lenders. The discrepancies in the tax authority's assertions further supported the Court's decision to set aside the reopening notice and order disposing of objections, without imposing costs on the Assessing Officer. Case-Laws Income Tax Tue, 19 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421416