https://www.taxtmi.com/caselaws?id=67814 The Tribunal allowed the appeal, quashing the reassessment order due to the invalidity of the reassessment proceedings under section 147(b) of the IT Act, 1961. It was held that the assessing officer lacked clear and specific information to establish that income had escaped assessment, emphasizing the stringent requirements under section 147(b) for initiating reassessment proceedings. The Tribunal ruled that mere knowledge of transactions involving the sale and purchase of trucks was insufficient to infer income escapement, requiring concrete evidence of undisclosed income sources. en-us Thu, 26 Nov 1981 00:00:00 +0530 Mon, 14 Mar 2011 17:38:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67814 The Tribunal allowed the appeal, quashing the reassessment order due to the invalidity of the reassessment proceedings under section 147(b) of the IT Act, 1961. It was held that the assessing officer lacked clear and specific information to establish that income had escaped assessment, emphasizing the stringent requirements under section 147(b) for initiating reassessment proceedings. The Tribunal ruled that mere knowledge of transactions involving the sale and purchase of trucks was insufficient to infer income escapement, requiring concrete evidence of undisclosed income sources. Case-Laws Income Tax Thu, 26 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67814