https://www.taxtmi.com/caselaws?id=430553 The Tribunal dismissed the Revenue's appeal regarding the validity of reassessment under section 147 of the Income Tax Act. The delay in filing the appeal was condoned due to the Covid-19 pandemic. The Tribunal upheld the CIT(A)'s decision, ruling that the reassessment was not valid as it amounted to a change of opinion by the Assessing Officer, rather than being based on fresh information. The notice issued under section 148 was beyond the prescribed time limit, and there was no failure on the part of the assessee to disclose material facts. The Tribunal affirmed the decision to quash the reassessment, in favor of the assessee. en-us Wed, 16 Nov 2022 00:00:00 +0530 Tue, 18 Apr 2023 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430553 The Tribunal dismissed the Revenue's appeal regarding the validity of reassessment under section 147 of the Income Tax Act. The delay in filing the appeal was condoned due to the Covid-19 pandemic. The Tribunal upheld the CIT(A)'s decision, ruling that the reassessment was not valid as it amounted to a change of opinion by the Assessing Officer, rather than being based on fresh information. The notice issued under section 148 was beyond the prescribed time limit, and there was no failure on the part of the assessee to disclose material facts. The Tribunal affirmed the decision to quash the reassessment, in favor of the assessee. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430553