https://www.taxtmi.com/caselaws?id=123044 The reassessment proceedings initiated by the Assessing Officer under section 147 were quashed by the Tribunal as the reasons for reopening the assessment were found to lack proper application of mind. The Tribunal emphasized the necessity of valid reasons to believe that income had escaped assessment, noting that non-compliance with section 11(5) does not automatically lead to taxation. Consequently, the appeal was allowed, and the reassessment proceedings were annulled. The issue of whether there was a violation of section 11(5) read with section 13(1)(d) became moot following the quashing of the reassessment. en-us Mon, 31 May 2010 00:00:00 +0530 Thu, 30 Aug 2012 14:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123044 The reassessment proceedings initiated by the Assessing Officer under section 147 were quashed by the Tribunal as the reasons for reopening the assessment were found to lack proper application of mind. The Tribunal emphasized the necessity of valid reasons to believe that income had escaped assessment, noting that non-compliance with section 11(5) does not automatically lead to taxation. Consequently, the appeal was allowed, and the reassessment proceedings were annulled. The issue of whether there was a violation of section 11(5) read with section 13(1)(d) became moot following the quashing of the reassessment. Case-Laws Income Tax Mon, 31 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123044