https://www.taxtmi.com/caselaws?id=67825 The tribunal allowed the assessee's appeals, quashing the reassessments for consecutive assessment years 1972-73 to 1974-75, as the Income Tax Officer (ITO) exceeded jurisdiction in initiating reassessment proceedings under section 147(a) without sufficient grounds. The judgment emphasized the necessity of establishing both the failure to disclose material facts by the assessee and the belief of income escapement for valid reassessment, highlighting the importance of concrete grounds and factual evidence over presumptions to prevent arbitrary reassessments. en-us Wed, 04 Aug 1982 00:00:00 +0530 Mon, 14 Mar 2011 18:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67825 The tribunal allowed the assessee's appeals, quashing the reassessments for consecutive assessment years 1972-73 to 1974-75, as the Income Tax Officer (ITO) exceeded jurisdiction in initiating reassessment proceedings under section 147(a) without sufficient grounds. The judgment emphasized the necessity of establishing both the failure to disclose material facts by the assessee and the belief of income escapement for valid reassessment, highlighting the importance of concrete grounds and factual evidence over presumptions to prevent arbitrary reassessments. Case-Laws Income Tax Wed, 04 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67825