https://www.taxtmi.com/caselaws?id=459613 The Tribunal quashed the reassessment proceedings, determining that the Assessing Officer's rationale was based on a change of opinion, lacking fresh tangible material, which is impermissible under Section 147 of the Income Tax Act. The Tribunal emphasized the necessity for full disclosure by the assessee and tangible evidence to justify reopening assessments beyond four years, leading to the dismissal of the appeal. en-us Mon, 04 Sep 2023 00:00:00 +0530 Thu, 19 Dec 2024 18:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459613 The Tribunal quashed the reassessment proceedings, determining that the Assessing Officer's rationale was based on a change of opinion, lacking fresh tangible material, which is impermissible under Section 147 of the Income Tax Act. The Tribunal emphasized the necessity for full disclosure by the assessee and tangible evidence to justify reopening assessments beyond four years, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459613