https://www.taxtmi.com/caselaws?id=457243 The HC of Calcutta dismissed the revenue's appeal, affirming the ITAT's decision that reassessment proceedings under Section 147 of the Income Tax Act, 1961, were not legally initiated. The Court found no failure by the assessee to disclose material facts, concluding the reassessment was based on a change of opinion, not new information. Consequently, the application for stay was also closed. en-us Thu, 21 Jul 2022 00:00:00 +0530 Thu, 12 Sep 2024 20:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457243 The HC of Calcutta dismissed the revenue's appeal, affirming the ITAT's decision that reassessment proceedings under Section 147 of the Income Tax Act, 1961, were not legally initiated. The Court found no failure by the assessee to disclose material facts, concluding the reassessment was based on a change of opinion, not new information. Consequently, the application for stay was also closed. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457243