https://www.taxtmi.com/caselaws?id=756721 The ITAT Pune quashed reassessment proceedings initiated by the AO under section 147 regarding unexplained cash credits from share application money. The tribunal held that the AO had already called for various details during original assessment proceedings and no new tangible material existed to form bonafide belief for reopening. The reassessment was deemed merely a change of opinion, which is impermissible under law as established in Godrej Projects Development case. The proceedings were quashed in favor of the assessee. en-us Mon, 05 Aug 2024 00:00:00 +0530 Wed, 07 Aug 2024 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756721 The ITAT Pune quashed reassessment proceedings initiated by the AO under section 147 regarding unexplained cash credits from share application money. The tribunal held that the AO had already called for various details during original assessment proceedings and no new tangible material existed to form bonafide belief for reopening. The reassessment was deemed merely a change of opinion, which is impermissible under law as established in Godrej Projects Development case. The proceedings were quashed in favor of the assessee. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756721