https://www.taxtmi.com/caselaws?id=307657 The Appellate Tribunal quashed the reassessment proceedings initiated by the Assessing Officer (AO) under section 148, agreeing with the appellant's argument that the reasons for reopening the assessment were not based on valid grounds but amounted to a mere change of opinion. The Tribunal emphasized that without new material demonstrating income escapement, reassessment actions could not be sustained. The appeal was allowed, highlighting the importance of valid reasons for initiating reassessment proceedings and the limitations on reopening assessments without cogent material. en-us Wed, 20 Feb 2013 00:00:00 +0530 Thu, 27 Apr 2023 17:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307657 The Appellate Tribunal quashed the reassessment proceedings initiated by the Assessing Officer (AO) under section 148, agreeing with the appellant's argument that the reasons for reopening the assessment were not based on valid grounds but amounted to a mere change of opinion. The Tribunal emphasized that without new material demonstrating income escapement, reassessment actions could not be sustained. The appeal was allowed, highlighting the importance of valid reasons for initiating reassessment proceedings and the limitations on reopening assessments without cogent material. Case-Laws Income Tax Wed, 20 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307657