https://www.taxtmi.com/caselaws?id=441001 The Tribunal ruled in favor of the assessee, quashing the reopening notice and reassessment order. It held that the reassessment was invalid as it was based on a "change of opinion" without new tangible material. Additionally, the Tribunal disallowed the addition of capital grants and subsidies to book profit under Section 115JB, following precedent that such additions are not permitted under the said provision. The Revenue's appeal was dismissed, and the assessee's application under Rule 27 was allowed. en-us Fri, 28 Jul 2023 00:00:00 +0530 Mon, 31 Jul 2023 06:53:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441001 The Tribunal ruled in favor of the assessee, quashing the reopening notice and reassessment order. It held that the reassessment was invalid as it was based on a "change of opinion" without new tangible material. Additionally, the Tribunal disallowed the addition of capital grants and subsidies to book profit under Section 115JB, following precedent that such additions are not permitted under the said provision. The Revenue's appeal was dismissed, and the assessee's application under Rule 27 was allowed. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441001