https://www.taxtmi.com/caselaws?id=68578 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal challenging the annulment of an assessment order under section 148 of the IT Act for the assessment year 1995-96. The Tribunal emphasized the necessity for specific grounds indicating an escapement of income to validly initiate reassessment proceedings under sections 147/148. It highlighted that the reasons provided for reopening lacked specificity, rendering the notice under section 148 void ab initio. The judgment underscores the importance of adhering to legal criteria and preventing reassessment from rectifying past oversights or errors in the original assessment. en-us Wed, 02 Feb 2005 00:00:00 +0530 Mon, 09 Jul 2012 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68578 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal challenging the annulment of an assessment order under section 148 of the IT Act for the assessment year 1995-96. The Tribunal emphasized the necessity for specific grounds indicating an escapement of income to validly initiate reassessment proceedings under sections 147/148. It highlighted that the reasons provided for reopening lacked specificity, rendering the notice under section 148 void ab initio. The judgment underscores the importance of adhering to legal criteria and preventing reassessment from rectifying past oversights or errors in the original assessment. Case-Laws Income Tax Wed, 02 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68578