https://www.taxtmi.com/caselaws?id=434203 The court quashed the notice seeking to reopen the assessment for the assessment year 2017-18 under section 147 of the Income Tax Act. The court held that the reassessment was impermissible as it amounted to a mere reevaluation of existing facts, constituting a change of opinion rather than a valid reason to believe income had escaped assessment. The court emphasized the jurisdictional requirement for initiating reassessment and ruled in favor of the petitioner, setting aside the notice, the order rejecting objections, and the draft assessment order without costs. en-us Wed, 15 Feb 2023 00:00:00 +0530 Sat, 18 Apr 2026 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434203 The court quashed the notice seeking to reopen the assessment for the assessment year 2017-18 under section 147 of the Income Tax Act. The court held that the reassessment was impermissible as it amounted to a mere reevaluation of existing facts, constituting a change of opinion rather than a valid reason to believe income had escaped assessment. The court emphasized the jurisdictional requirement for initiating reassessment and ruled in favor of the petitioner, setting aside the notice, the order rejecting objections, and the draft assessment order without costs. Case-Laws Income Tax Wed, 15 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434203