Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]

Reopening - of - Assessment - Change - of - Opinion - ITAT - Penalty - Assessee - Declared - Income - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, on the reopening of an assessment based on change of opinion, quashed the penalty against the assessee who had correctly declared the Income. The aforesaid observation was made by the Ahmedabad ITAT, when an appeal was filed by the…

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