https://www.taxtmi.com/caselaws?id=439695 The Tribunal dismissed the Revenue's appeal, upholding the quashing of reassessment proceedings and the disallowance of bad debts claimed as capital expenditure. The Tribunal found that the reassessment was invalid as it constituted a mere change of opinion without new material. The Tribunal emphasized that the AO had already considered the issues during the original assessment, making the reassessment impermissible. The decision was based on the principle established in CIT vs. Kelvinator of India Ltd., leading to the cancellation of the assessment and the dismissal of the Revenue's appeal. en-us Tue, 27 Jun 2023 00:00:00 +0530 Thu, 29 Jun 2023 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439695 The Tribunal dismissed the Revenue's appeal, upholding the quashing of reassessment proceedings and the disallowance of bad debts claimed as capital expenditure. The Tribunal found that the reassessment was invalid as it constituted a mere change of opinion without new material. The Tribunal emphasized that the AO had already considered the issues during the original assessment, making the reassessment impermissible. The decision was based on the principle established in CIT vs. Kelvinator of India Ltd., leading to the cancellation of the assessment and the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439695