https://www.taxtmi.com/caselaws?id=75606 The High Court affirmed the Tribunal's decision to quash the reassessment proceedings under section 147/143(3) of the Income-tax Act, 1961, for the assessment year 1998-99. The Court held that the reassessment was not supported by new information but was a mere reconsideration of existing material, contravening the requirement for valid grounds to believe income had escaped assessment. The judgment emphasized the necessity of substantive new information to justify reassessment and upheld the principle that reassessment cannot be based solely on a reappraisal of existing material, ultimately dismissing the appeal as no substantial question of law arose for consideration. en-us Tue, 21 Oct 2008 00:00:00 +0530 Fri, 05 Jul 2013 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75606 The High Court affirmed the Tribunal's decision to quash the reassessment proceedings under section 147/143(3) of the Income-tax Act, 1961, for the assessment year 1998-99. The Court held that the reassessment was not supported by new information but was a mere reconsideration of existing material, contravening the requirement for valid grounds to believe income had escaped assessment. The judgment emphasized the necessity of substantive new information to justify reassessment and upheld the principle that reassessment cannot be based solely on a reappraisal of existing material, ultimately dismissing the appeal as no substantial question of law arose for consideration. Case-Laws Income Tax Tue, 21 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75606