https://www.taxtmi.com/caselaws?id=467403 Reopening of assessment is held invalid where based only on materials already available and constitutes a mere change of opinion; reopening requires tangible new material creating a reason to believe income escaped assessment, and the reopening ground fails. Disallowances for expenditure attributable to exempt dividends are to be restricted to three percent of exempt dividend income, with factual verification of expense nature. Tax credit for taxes paid by Venture Capital Funds in their capacity as representative assessee belongs to the beneficiary, subject to AO verification. ESOP expenditure not in the return may be admitted on appeal subject to factual verification by the AO. en-us Wed, 04 Sep 2024 00:00:00 +0530 Thu, 19 Mar 2026 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467403 Reopening of assessment is held invalid where based only on materials already available and constitutes a mere change of opinion; reopening requires tangible new material creating a reason to believe income escaped assessment, and the reopening ground fails. Disallowances for expenditure attributable to exempt dividends are to be restricted to three percent of exempt dividend income, with factual verification of expense nature. Tax credit for taxes paid by Venture Capital Funds in their capacity as representative assessee belongs to the beneficiary, subject to AO verification. ESOP expenditure not in the return may be admitted on appeal subject to factual verification by the AO. Case-Laws Income Tax Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467403