https://www.taxtmi.com/caselaws?id=120160 The Tribunal ruled in favor of the assessee, road contractors, in an appeal against the Commissioner of Income-tax's order to reopen assessments under section 147. The Tribunal held that the reassessment based on adjusting the percentage of income offered by the assessee was not valid, as it was not initiated to tax escaped income but to apply a different percentage of income, which was impermissible in reassessment proceedings. Consequently, the reassessment was set aside, and the appeals were dismissed while allowing the cross-objections. en-us Fri, 26 May 2006 00:00:00 +0530 Tue, 17 Jul 2012 12:43:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120160 The Tribunal ruled in favor of the assessee, road contractors, in an appeal against the Commissioner of Income-tax's order to reopen assessments under section 147. The Tribunal held that the reassessment based on adjusting the percentage of income offered by the assessee was not valid, as it was not initiated to tax escaped income but to apply a different percentage of income, which was impermissible in reassessment proceedings. Consequently, the reassessment was set aside, and the appeals were dismissed while allowing the cross-objections. Case-Laws Income Tax Fri, 26 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120160