https://www.taxtmi.com/caselaws?id=755132 The Delhi HC quashed reassessment proceedings initiated through a corrigendum issued hours after the original proceedings were closed. The court found that the Revenue had closed the reassessment after examining audited accounts showing no immovable property sale, but then reopened proceedings based on the same material without any fresh tangible evidence. The HC held this constituted an impermissible review of the AO's own decision rather than reassessment based on new material. The corrigendum merely reflected a change of opinion on identical facts, which cannot justify reopening under reassessment provisions. en-us Wed, 03 Jul 2024 00:00:00 +0530 Mon, 07 Oct 2024 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755132 The Delhi HC quashed reassessment proceedings initiated through a corrigendum issued hours after the original proceedings were closed. The court found that the Revenue had closed the reassessment after examining audited accounts showing no immovable property sale, but then reopened proceedings based on the same material without any fresh tangible evidence. The HC held this constituted an impermissible review of the AO's own decision rather than reassessment based on new material. The corrigendum merely reflected a change of opinion on identical facts, which cannot justify reopening under reassessment provisions. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755132