https://www.taxtmi.com/caselaws?id=793453 Reassessment under section 148 was held invalid where the recorded reasons relied on material already disclosed with the original return and examined in the original assessment. The assessee had furnished the relevant financial statements and details of foreign currency loss and translation entries in response to a section 142(1) notice, and the original assessment was completed without disallowing the claim. Because the reopening reasons substantially repeated the same material already on record and disclosed no new tangible material, the exercise was treated as a mere change of opinion and an impermissible review of the earlier assessment. The reassessment order and the connected notices were set aside in favour of the assessee. en-us Thu, 11 Jun 2026 00:00:00 +0530 Tue, 16 Jun 2026 08:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793453 Reassessment under section 148 was held invalid where the recorded reasons relied on material already disclosed with the original return and examined in the original assessment. The assessee had furnished the relevant financial statements and details of foreign currency loss and translation entries in response to a section 142(1) notice, and the original assessment was completed without disallowing the claim. Because the reopening reasons substantially repeated the same material already on record and disclosed no new tangible material, the exercise was treated as a mere change of opinion and an impermissible review of the earlier assessment. The reassessment order and the connected notices were set aside in favour of the assessee. Case-Laws Income Tax Thu, 11 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793453