https://www.taxtmi.com/caselaws?id=314187 ITAT Mumbai held that AO lacked jurisdiction to reopen assessment u/s 147 for disallowing spill over mutual fund expenses and SEBI registration fees. The tribunal found reopening constituted impermissible change of opinion rather than reassessment based on fresh material. Since original assessment u/s 143(3) was completed after assessee provided all requested details, AO could not subsequently review the same material and reverse earlier decision allowing expenses u/s 37. The reopening amounted to prohibited review of original assessment order. Assessee's appeal was allowed. en-us Tue, 24 Jan 2023 00:00:00 +0530 Thu, 23 May 2024 08:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314187 ITAT Mumbai held that AO lacked jurisdiction to reopen assessment u/s 147 for disallowing spill over mutual fund expenses and SEBI registration fees. The tribunal found reopening constituted impermissible change of opinion rather than reassessment based on fresh material. Since original assessment u/s 143(3) was completed after assessee provided all requested details, AO could not subsequently review the same material and reverse earlier decision allowing expenses u/s 37. The reopening amounted to prohibited review of original assessment order. Assessee's appeal was allowed. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314187