https://www.taxtmi.com/caselaws?id=304382 The High Court examined the validity of re-opening an assessment under Sections 147/148 of the Income Tax Act for AY 2010-11. The Court emphasized the necessity of tangible material for re-assessment beyond the existing record. Finding no such material present and noting the impermissibility of re-assessments based solely on a revision of opinion, the Court ruled in favor of the petitioner. The re-assessment notice was quashed, and all related proceedings were annulled, underscoring the significance of tangible material and adherence to legal principles in such assessments. en-us Fri, 13 Jul 2018 00:00:00 +0530 Fri, 23 Sep 2022 08:23:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304382 The High Court examined the validity of re-opening an assessment under Sections 147/148 of the Income Tax Act for AY 2010-11. The Court emphasized the necessity of tangible material for re-assessment beyond the existing record. Finding no such material present and noting the impermissibility of re-assessments based solely on a revision of opinion, the Court ruled in favor of the petitioner. The re-assessment notice was quashed, and all related proceedings were annulled, underscoring the significance of tangible material and adherence to legal principles in such assessments. Case-Laws Income Tax Fri, 13 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304382