https://www.taxtmi.com/caselaws?id=424613 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to quash the reassessment proceedings initiated under Section 147 of the Income Tax Act. The reassessment was deemed invalid as it was based on a change of opinion without new tangible material, with the assessee having fully disclosed all material facts during the original assessment. Additionally, the additions related to undisclosed work in progress and unreported contract and interest income were deleted, as the Tribunal found them unjustified based on the disclosed information during the original assessment. en-us Thu, 30 Jun 2022 00:00:00 +0530 Tue, 05 Jul 2022 08:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424613 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to quash the reassessment proceedings initiated under Section 147 of the Income Tax Act. The reassessment was deemed invalid as it was based on a change of opinion without new tangible material, with the assessee having fully disclosed all material facts during the original assessment. Additionally, the additions related to undisclosed work in progress and unreported contract and interest income were deleted, as the Tribunal found them unjustified based on the disclosed information during the original assessment. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424613