https://www.taxtmi.com/caselaws?id=65226 The Tribunal annulled the assessment order as illegal and void due to the Assessing Officer's failure to provide valid reasons for initiating reassessment proceedings under sections 147/148 of the IT Act for the assessment year 1994-95. The Tribunal emphasized that such proceedings cannot be initiated for a roving or fishing enquiry but must be based on a reason to believe that income has escaped assessment, which was lacking in this case. Consequently, the Tribunal allowed the appeal, annulling the assessment order, as it was deemed invalid. en-us Thu, 03 Jun 2004 00:00:00 +0530 Thu, 14 Jun 2012 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65226 The Tribunal annulled the assessment order as illegal and void due to the Assessing Officer's failure to provide valid reasons for initiating reassessment proceedings under sections 147/148 of the IT Act for the assessment year 1994-95. The Tribunal emphasized that such proceedings cannot be initiated for a roving or fishing enquiry but must be based on a reason to believe that income has escaped assessment, which was lacking in this case. Consequently, the Tribunal allowed the appeal, annulling the assessment order, as it was deemed invalid. Case-Laws Income Tax Thu, 03 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65226