https://www.taxtmi.com/caselaws?id=446963 ITAT Ahmedabad quashed reassessment proceedings initiated beyond four years, ruling the action constituted impermissible change of opinion. The department sought to disallow remuneration and interest under Section 184(5) based on same facts available during original assessment. Court held reassessment beyond four years requires demonstration of assessee's failure to fully disclose material facts, which was absent. The AO merely re-appreciated existing facts without new material evidence of income escapement. Following SC precedents in Bhanji Lavji and Kelvinator cases, tribunal found no jurisdiction for Section 147 proceedings based solely on legal reinterpretation of disclosed facts. Appeal decided in favor of assessee. en-us Wed, 13 Dec 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:54:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446963 ITAT Ahmedabad quashed reassessment proceedings initiated beyond four years, ruling the action constituted impermissible change of opinion. The department sought to disallow remuneration and interest under Section 184(5) based on same facts available during original assessment. Court held reassessment beyond four years requires demonstration of assessee's failure to fully disclose material facts, which was absent. The AO merely re-appreciated existing facts without new material evidence of income escapement. Following SC precedents in Bhanji Lavji and Kelvinator cases, tribunal found no jurisdiction for Section 147 proceedings based solely on legal reinterpretation of disclosed facts. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446963