https://www.taxtmi.com/caselaws?id=63078 The ITAT Delhi-A reversed the decisions of lower authorities in two appeals by the assessee regarding proceedings under s. 147(a)/148 of the IT Act, 1961. The ITO's estimation of income based on discrepancies in the assessee's accounts related to imported paper sales was deemed unjustified. The ITAT found the information available for initiating proceedings insufficient and concluded that the assessee had not concealed any material facts during the original assessment. Consequently, the initiation of proceedings under s. 147 & 148 was held unjustified, leading to a favorable outcome for the assessee. en-us Mon, 23 May 1977 00:00:00 +0530 Thu, 27 Jan 2011 17:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63078 The ITAT Delhi-A reversed the decisions of lower authorities in two appeals by the assessee regarding proceedings under s. 147(a)/148 of the IT Act, 1961. The ITO's estimation of income based on discrepancies in the assessee's accounts related to imported paper sales was deemed unjustified. The ITAT found the information available for initiating proceedings insufficient and concluded that the assessee had not concealed any material facts during the original assessment. Consequently, the initiation of proceedings under s. 147 & 148 was held unjustified, leading to a favorable outcome for the assessee. Case-Laws Income Tax Mon, 23 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63078