Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere ‘Change in Opinion’ [Read Order]

Relief to Ultratech - Assesment Proceeding cannot be Reopened - Ultratech - Income Tax - Income Tax - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) has not laid his hands on any new material post original assessment, reopening of assessment is nothing but change of opinion, thus the reopening under Section 147 of Income Tax Act, 1961 is not sustainable. The assessee M/s. Ultra Tech…

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