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<h1>ITAT Jaipur rules reassessment invalid, appeal dismissed. Partner in precious stones firm not liable.</h1> The revenue's appeal against the AAC's order was dismissed by ITAT Jaipur. The Tribunal ruled that the reassessment was not validly initiated by the WTO ... - The appeal by the revenue against the order of the AAC was dismissed by the Appellate Tribunal ITAT Jaipur. The Tribunal held that the reassessment proceedings were not validly initiated by the WTO against the assessee, a partner in a firm dealing in precious stones. The Tribunal found that there was no subsequent information to reopen the assessment, as all relevant facts were already before the assessing authority. The appeal was dismissed, and the order of the AAC was upheld.