https://www.taxtmi.com/caselaws?id=303398 The reassessment proceedings initiated under sections 147/148 of the Income Tax Act were deemed invalid by the Tribunal as they were based on a mere change of opinion without fresh tangible material. Consequently, the denial of deduction under section 80IB(10) was not addressed, and the appeals were allowed, leading to the quashing of reassessment orders for the relevant assessment years. The Tribunal emphasized that reassessment without new material is impermissible, following the precedent set by the Supreme Court in the Kelvinator of India Ltd. case. en-us Fri, 31 May 2013 00:00:00 +0530 Wed, 20 Jul 2022 12:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303398 The reassessment proceedings initiated under sections 147/148 of the Income Tax Act were deemed invalid by the Tribunal as they were based on a mere change of opinion without fresh tangible material. Consequently, the denial of deduction under section 80IB(10) was not addressed, and the appeals were allowed, leading to the quashing of reassessment orders for the relevant assessment years. The Tribunal emphasized that reassessment without new material is impermissible, following the precedent set by the Supreme Court in the Kelvinator of India Ltd. case. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303398