https://www.taxtmi.com/caselaws?id=70663 The Tribunal held that the reassessment under Section 147/148 of the Income Tax Act was invalid as the Assessing Officer had all necessary information during the original assessment, and no new material was presented. The reassessment was initiated solely on an audit objection, which was deemed insufficient. Additionally, the Tribunal determined that the assessee was entitled to adopt a hybrid system of accounting as disclosed in its notes on accounts, rejecting the Assessing Officer's attempt to challenge the accounting method chosen by the assessee. The Tribunal allowed the appeal of the assessee, quashing the lower authorities' orders. en-us Thu, 16 Jun 2005 00:00:00 +0530 Mon, 18 Apr 2011 13:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70663 The Tribunal held that the reassessment under Section 147/148 of the Income Tax Act was invalid as the Assessing Officer had all necessary information during the original assessment, and no new material was presented. The reassessment was initiated solely on an audit objection, which was deemed insufficient. Additionally, the Tribunal determined that the assessee was entitled to adopt a hybrid system of accounting as disclosed in its notes on accounts, rejecting the Assessing Officer's attempt to challenge the accounting method chosen by the assessee. The Tribunal allowed the appeal of the assessee, quashing the lower authorities' orders. Case-Laws Income Tax Thu, 16 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70663