https://www.taxtmi.com/caselaws?id=65677 The Appellate Tribunal dismissed the Revenue's appeals, upholding the cancellation of reassessment proceedings by the AAC. The Tribunal found that initiating reassessment solely based on an Audit's observation was unjustified, emphasizing the correct legal interpretation of the relevant provisions. The decision highlighted that the initiation of reassessment due to a mistake pointed out by the Audit was not warranted, leading to the affirmation of the assessee's position and the dismissal of the Revenue's appeals. en-us Fri, 26 Jun 1981 00:00:00 +0530 Fri, 18 Feb 2011 12:58:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65677 The Appellate Tribunal dismissed the Revenue's appeals, upholding the cancellation of reassessment proceedings by the AAC. The Tribunal found that initiating reassessment solely based on an Audit's observation was unjustified, emphasizing the correct legal interpretation of the relevant provisions. The decision highlighted that the initiation of reassessment due to a mistake pointed out by the Audit was not warranted, leading to the affirmation of the assessee's position and the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 26 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65677