https://www.taxtmi.com/caselaws?id=304921 The court quashed the notice under Section 148 of the Income Tax Act and the order rejecting objections to the reopening of assessment for the Assessment Year 2014-15. The court found that the reasons provided for reopening the assessment did not constitute a valid "reason to believe" as required by law, emphasizing the need to avoid arbitrary use of power based on a mere change of opinion. The court's decision was influenced by previous judgments cautioning against reassessment on the grounds of a mere change of opinion without new material. en-us Thu, 21 Jul 2022 00:00:00 +0530 Wed, 22 Feb 2023 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304921 The court quashed the notice under Section 148 of the Income Tax Act and the order rejecting objections to the reopening of assessment for the Assessment Year 2014-15. The court found that the reasons provided for reopening the assessment did not constitute a valid "reason to believe" as required by law, emphasizing the need to avoid arbitrary use of power based on a mere change of opinion. The court's decision was influenced by previous judgments cautioning against reassessment on the grounds of a mere change of opinion without new material. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304921