https://www.taxtmi.com/caselaws?id=756427 The Gujarat HC ruled in favor of the assessee challenging reopening of assessment u/s 147. The court held that the AO had already examined the impounded material during regular assessment proceedings and issued notices u/s 142(1) regarding discrepancies between total cash sales and book entries. Since the AO processed the same material by accepting the revised return, issuing a reopening notice on identical grounds constituted a mere change of opinion. The notice issued beyond four years was invalid as there was no failure to disclose material facts, given the assessee had disclosed Rs. 78.94 lakhs based on impounded material. The reopening lacked new tangible material with live nexus to escaped income. en-us Mon, 29 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756427 The Gujarat HC ruled in favor of the assessee challenging reopening of assessment u/s 147. The court held that the AO had already examined the impounded material during regular assessment proceedings and issued notices u/s 142(1) regarding discrepancies between total cash sales and book entries. Since the AO processed the same material by accepting the revised return, issuing a reopening notice on identical grounds constituted a mere change of opinion. The notice issued beyond four years was invalid as there was no failure to disclose material facts, given the assessee had disclosed Rs. 78.94 lakhs based on impounded material. The reopening lacked new tangible material with live nexus to escaped income. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756427