https://www.taxtmi.com/caselaws?id=448643 The SC reversed the Kerala HC's decision favoring revenue and restored the Tribunal's order allowing the assessee's appeal. The Court held that reassessment proceedings under Section 147 for three assessment years were unjustified as they constituted mere change of opinion. The assessing officer relied on a provisional balance sheet submitted to a bank for credit purposes, which was previously discarded by CIT(A) as unreliable. The Court found no material evidence of income escapement beyond the assessee's disclosed primary facts. Returns filed without regular balance sheets due to departmental seizure were defective but not invalid, and the assessing officer failed to declare them defective or seek rectification. en-us Tue, 23 Jan 2024 00:00:00 +0530 Thu, 29 Feb 2024 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448643 The SC reversed the Kerala HC's decision favoring revenue and restored the Tribunal's order allowing the assessee's appeal. The Court held that reassessment proceedings under Section 147 for three assessment years were unjustified as they constituted mere change of opinion. The assessing officer relied on a provisional balance sheet submitted to a bank for credit purposes, which was previously discarded by CIT(A) as unreliable. The Court found no material evidence of income escapement beyond the assessee's disclosed primary facts. Returns filed without regular balance sheets due to departmental seizure were defective but not invalid, and the assessing officer failed to declare them defective or seek rectification. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448643