https://www.taxtmi.com/caselaws?id=441118 The High Court (HC) upheld the Tribunal's decision, finding the reassessment proceedings for the Assessment Year 2002-03 invalid. The Tribunal determined that the Assessing Officer (AO) lacked tangible material to justify reopening the assessment, as there was no recorded satisfaction of income escaping assessment. Additionally, the Tribunal ruled that the write-off of capital work-in-progress was a disclosed expense, and the reassessment was based on a mere change of opinion. The HC concluded that no substantial question of law was present, thereby dismissing the appeal and affirming the Tribunal's decision. en-us Tue, 25 Jul 2023 00:00:00 +0530 Wed, 07 Feb 2024 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441118 The High Court (HC) upheld the Tribunal's decision, finding the reassessment proceedings for the Assessment Year 2002-03 invalid. The Tribunal determined that the Assessing Officer (AO) lacked tangible material to justify reopening the assessment, as there was no recorded satisfaction of income escaping assessment. Additionally, the Tribunal ruled that the write-off of capital work-in-progress was a disclosed expense, and the reassessment was based on a mere change of opinion. The HC concluded that no substantial question of law was present, thereby dismissing the appeal and affirming the Tribunal's decision. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441118