https://www.taxtmi.com/highlights?id=79188 Reassessment proceedings initiated solely based on an audit objection without fresh tangible material are impermissible. A mere change of opinion by the Assessing Officer on the same material cannot be a ground for reassessment, as it would amount to a review, which is not permissible. The corrigendum issued by the Revenue did not disclose any new material warranting reopening of the assessment. Consequently, the reassessment proceedings were quashed, being unsustainable in law. en-us Sat, 06 Jul 2024 08:25:37 +0530 Sat, 06 Jul 2024 08:25:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79188 Reassessment proceedings initiated solely based on an audit objection without fresh tangible material are impermissible. A mere change of opinion by the Assessing Officer on the same material cannot be a ground for reassessment, as it would amount to a review, which is not permissible. The corrigendum issued by the Revenue did not disclose any new material warranting reopening of the assessment. Consequently, the reassessment proceedings were quashed, being unsustainable in law. Highlights Income Tax Sat, 06 Jul 2024 08:25:37 +0530 https://www.taxtmi.com/highlights?id=79188