https://www.taxtmi.com/caselaws?id=444237 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings under section 147 read with section 143(3) of the Income Tax Act, finding them invalid due to the absence of new tangible material and reliance on retracted statements. The reassessment was deemed a change of opinion, as the original assessment had thoroughly examined the issue of share application money without adverse findings. Consequently, the addition of Rs. 1,87,50,000/- was vacated, and the appeal of the revenue was partly allowed. en-us Fri, 22 Sep 2023 00:00:00 +0530 Wed, 11 Oct 2023 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444237 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings under section 147 read with section 143(3) of the Income Tax Act, finding them invalid due to the absence of new tangible material and reliance on retracted statements. The reassessment was deemed a change of opinion, as the original assessment had thoroughly examined the issue of share application money without adverse findings. Consequently, the addition of Rs. 1,87,50,000/- was vacated, and the appeal of the revenue was partly allowed. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444237