https://www.taxtmi.com/caselaws?id=64075 The Tribunal quashed the orders of CIT(A) and the Assessing Officer under section 147, allowing the appeals of the assessee. It ruled that re-assessment proceedings initiated based on audit objections were valid under the amended provisions of section 147. However, it concluded that income had not escaped assessment since the original assessments were aligned with one of the possible views accepted by the Assessing Officer under section 143(1). Therefore, the Tribunal found no basis for re-opening the assessments, siding with the assessee on the issue of escapement of income. en-us Tue, 13 Apr 2004 00:00:00 +0530 Tue, 09 Jul 2024 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64075 The Tribunal quashed the orders of CIT(A) and the Assessing Officer under section 147, allowing the appeals of the assessee. It ruled that re-assessment proceedings initiated based on audit objections were valid under the amended provisions of section 147. However, it concluded that income had not escaped assessment since the original assessments were aligned with one of the possible views accepted by the Assessing Officer under section 143(1). Therefore, the Tribunal found no basis for re-opening the assessments, siding with the assessee on the issue of escapement of income. Case-Laws Income Tax Tue, 13 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64075