https://www.taxtmi.com/caselaws?id=422080 The High Court dismissed the Income Tax Appeal challenging the ITAT's Order for Assessment Year 2007-08. The Court emphasized that reassessment cannot be based on a mere change of opinion but must have a valid "reason to believe" supported by tangible material, as per the Supreme Court's ruling. Since the Assessing Officer was aware of the rent issue during the original assessment and subsequent proceedings, the reassessment solely on this issue was deemed a change of opinion and unsustainable. The Court held no substantial question of law arose, leading to the dismissal of the appeal and pending applications. en-us Wed, 04 May 2022 00:00:00 +0530 Sat, 07 May 2022 06:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422080 The High Court dismissed the Income Tax Appeal challenging the ITAT's Order for Assessment Year 2007-08. The Court emphasized that reassessment cannot be based on a mere change of opinion but must have a valid "reason to believe" supported by tangible material, as per the Supreme Court's ruling. Since the Assessing Officer was aware of the rent issue during the original assessment and subsequent proceedings, the reassessment solely on this issue was deemed a change of opinion and unsustainable. The Court held no substantial question of law arose, leading to the dismissal of the appeal and pending applications. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422080