https://www.taxtmi.com/caselaws?id=424119 The Court quashed the notice seeking to reopen the assessment for A.Y. 2014-15 under Section 148 of the Income Tax Act, 1961. It held that the reassessment was not justified as it appeared to be based on a change of opinion rather than the escapement of income due to undisclosed material facts. The Court found that the reassessment lacked new tangible material and was impermissible, ultimately ruling in favor of the Petitioner and disposing of the case with no order as to costs. en-us Tue, 14 Jun 2022 00:00:00 +0530 Wed, 10 May 2023 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424119 The Court quashed the notice seeking to reopen the assessment for A.Y. 2014-15 under Section 148 of the Income Tax Act, 1961. It held that the reassessment was not justified as it appeared to be based on a change of opinion rather than the escapement of income due to undisclosed material facts. The Court found that the reassessment lacked new tangible material and was impermissible, ultimately ruling in favor of the Petitioner and disposing of the case with no order as to costs. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424119