https://www.taxtmi.com/caselaws?id=449693 The Bombay HC ruled in favor of the assessee, holding that the reopening of assessment was invalid as it constituted a mere change of opinion. The court found that the issue of short term capital gain on the flat sale was already considered during original assessment proceedings where the AO had examined the matter and made no addition. The AO's subsequent contradictory view that the asset was a short term capital asset did not justify reopening under the assumption that income had escaped assessment. The change of opinion alone cannot constitute valid grounds for reassessment proceedings. en-us Tue, 13 Feb 2024 00:00:00 +0530 Fri, 12 Jul 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449693 The Bombay HC ruled in favor of the assessee, holding that the reopening of assessment was invalid as it constituted a mere change of opinion. The court found that the issue of short term capital gain on the flat sale was already considered during original assessment proceedings where the AO had examined the matter and made no addition. The AO's subsequent contradictory view that the asset was a short term capital asset did not justify reopening under the assumption that income had escaped assessment. The change of opinion alone cannot constitute valid grounds for reassessment proceedings. Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449693