https://www.taxtmi.com/caselaws?id=431685 The High Court upheld the Tribunal's decision to dismiss the Income Tax Department's appeal against the Tribunal's order for the assessment year 2010-11. The Tribunal found that the assessing officer's reasons for reopening the assessment were based on a mere change of opinion and beyond the specified period. The Court agreed that the revenue reversal was justified, citing relevant case law. Additionally, the Court upheld the Commissioner of Income Tax (Appeals) decision to delete the addition made on account of revenue reversal due to price revision/cancellation, as it reflected the true financial position. en-us Tue, 13 Dec 2022 00:00:00 +0530 Mon, 19 Dec 2022 09:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431685 The High Court upheld the Tribunal's decision to dismiss the Income Tax Department's appeal against the Tribunal's order for the assessment year 2010-11. The Tribunal found that the assessing officer's reasons for reopening the assessment were based on a mere change of opinion and beyond the specified period. The Court agreed that the revenue reversal was justified, citing relevant case law. Additionally, the Court upheld the Commissioner of Income Tax (Appeals) decision to delete the addition made on account of revenue reversal due to price revision/cancellation, as it reflected the true financial position. Case-Laws Income Tax Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431685