https://www.taxtmi.com/caselaws?id=762393 Reopening of assessment under section 148 was invalid where it was based only on an alleged property-value difference already reflected in the record. The higher guideline rate cited applied to commercial property, while the transaction related to residential property and the Sub-Registrar's certificate confirmed registration at the declared value. Since the material available did not disclose fresh tangible reasons and the authority was effectively revisiting a concluded assessment, the action amounted to a mere change of opinion. The reassessment objection was wrongly overruled, and the reassessment proceedings were set aside. en-us Tue, 15 Oct 2024 00:00:00 +0530 Fri, 29 Nov 2024 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762393 Reopening of assessment under section 148 was invalid where it was based only on an alleged property-value difference already reflected in the record. The higher guideline rate cited applied to commercial property, while the transaction related to residential property and the Sub-Registrar's certificate confirmed registration at the declared value. Since the material available did not disclose fresh tangible reasons and the authority was effectively revisiting a concluded assessment, the action amounted to a mere change of opinion. The reassessment objection was wrongly overruled, and the reassessment proceedings were set aside. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762393