https://www.taxtmi.com/caselaws?id=763595 Gujarat HC quashed reassessment notice u/s 147 finding no failure by petitioner to disclose material facts during regular assessment. Court held AO issued notice based on mere change of opinion without tangible material showing income escapement. All issues raised in reopening reasons were already covered in details provided during original assessment including audited accounts and accounting policies. Notice lacked live link between reasons and belief formation, making reopening impermissible under established legal precedent. en-us Tue, 03 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 08:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763595 Gujarat HC quashed reassessment notice u/s 147 finding no failure by petitioner to disclose material facts during regular assessment. Court held AO issued notice based on mere change of opinion without tangible material showing income escapement. All issues raised in reopening reasons were already covered in details provided during original assessment including audited accounts and accounting policies. Notice lacked live link between reasons and belief formation, making reopening impermissible under established legal precedent. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763595