https://www.taxtmi.com/highlights?id=76133 Validity of reopening of assessment - clandestine and unaccounted sales - The High Court reviewed a petition challenging the rejection of objections to a notice for reassessment under the Income Tax Act. The petitioner argued that the reassessment was based on a change of opinion rather than a mistake. The court examined the assessment procedure and found that the reasons for reopening the assessment did not indicate the discovery of new material but rather a potential change of opinion. - Consequently, the court quashed the impugned order and notice, ruling in favor of the petitioner. en-us Thu, 28 Mar 2024 08:53:45 +0530 Thu, 28 Mar 2024 08:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76133 Validity of reopening of assessment - clandestine and unaccounted sales - The High Court reviewed a petition challenging the rejection of objections to a notice for reassessment under the Income Tax Act. The petitioner argued that the reassessment was based on a change of opinion rather than a mistake. The court examined the assessment procedure and found that the reasons for reopening the assessment did not indicate the discovery of new material but rather a potential change of opinion. - Consequently, the court quashed the impugned order and notice, ruling in favor of the petitioner. Highlights Income Tax Thu, 28 Mar 2024 08:53:45 +0530 https://www.taxtmi.com/highlights?id=76133