https://www.taxtmi.com/caselaws?id=57783 The Tribunal held that the reassessment under Section 148 of the Income Tax Act was unjustified as it was based on a mere change of opinion without substantial material. The assessees provided adequate evidence to prove the genuineness of foreign gifts received, including confirmation letters and compliance with regulations. The Tribunal found the reassessment proceedings lacked jurisdiction and validity, ultimately ruling in favor of the assessees and restoring the original assessments while deeming the reassessments invalid. en-us Mon, 27 Dec 2004 00:00:00 +0530 Sat, 18 Jun 2016 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57783 The Tribunal held that the reassessment under Section 148 of the Income Tax Act was unjustified as it was based on a mere change of opinion without substantial material. The assessees provided adequate evidence to prove the genuineness of foreign gifts received, including confirmation letters and compliance with regulations. The Tribunal found the reassessment proceedings lacked jurisdiction and validity, ultimately ruling in favor of the assessees and restoring the original assessments while deeming the reassessments invalid. Case-Laws Income Tax Mon, 27 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57783