https://www.taxtmi.com/caselaws?id=68425 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal challenging the reopening of assessment for the assessment year 1987-88 under sections 147/148 of the IT Act. The Tribunal found discrepancies in the valuation of investments and rejected the reliance on a valuation report alone for reopening assessments. Additionally, the authenticity of the loan from Smt. Sushila Bai was accepted by the assessing officer, invalidating that reason for reopening. The judgment underscores the necessity of valid reasons and evidence to support the reopening of assessments under the IT Act. en-us Mon, 03 Jan 2005 00:00:00 +0530 Tue, 29 Mar 2011 18:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68425 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal challenging the reopening of assessment for the assessment year 1987-88 under sections 147/148 of the IT Act. The Tribunal found discrepancies in the valuation of investments and rejected the reliance on a valuation report alone for reopening assessments. Additionally, the authenticity of the loan from Smt. Sushila Bai was accepted by the assessing officer, invalidating that reason for reopening. The judgment underscores the necessity of valid reasons and evidence to support the reopening of assessments under the IT Act. Case-Laws Income Tax Mon, 03 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68425