https://www.taxtmi.com/caselaws?id=120257 The Tribunal held that the initiation of proceedings under section 148 of the Income-tax Act for the assessment year 1990-91 was invalid. The Assessing Officer's reasons for reopening were deemed unjustified, as previous case law was no longer applicable. Consequently, the proceedings under section 147/148 were quashed. The Tribunal emphasized that the Assessing Officer lacked valid grounds for assuming jurisdiction, as fishing enquiries were conducted without proper basis. The appeal was allowed due to the lack of jurisdiction in initiating the proceedings, and the matter concerning the value of the building was remanded for reconsideration. en-us Wed, 22 Feb 2006 00:00:00 +0530 Wed, 18 Jul 2012 10:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120257 The Tribunal held that the initiation of proceedings under section 148 of the Income-tax Act for the assessment year 1990-91 was invalid. The Assessing Officer's reasons for reopening were deemed unjustified, as previous case law was no longer applicable. Consequently, the proceedings under section 147/148 were quashed. The Tribunal emphasized that the Assessing Officer lacked valid grounds for assuming jurisdiction, as fishing enquiries were conducted without proper basis. The appeal was allowed due to the lack of jurisdiction in initiating the proceedings, and the matter concerning the value of the building was remanded for reconsideration. Case-Laws Income Tax Wed, 22 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120257