Reopening After 4 years in the Absence of Tangible Material Amounts to Change of Opinion Only: ITAT quashes Reopening u/s 147 of Income Tax Act [Read Order]

By Fathima Karama A.M - On September 1, 2023 2:00 pm - 2 mins read
Reopening - Tangible Material - ITAT - Income Tax Act - Income Tax - Tangible Material Amounts to Change of Opinion - Taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has quashed the reopening under Section 147 of the Income Tax Act 1961 holding that reopening after 4 years in the absence of tangible material would amount to change of opinion only. The assessee, Indo Colchem Pvt. Ltd was a Private Limited Company engaged in manufacturing…

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