https://www.taxtmi.com/caselaws?id=211080 The Tribunal invalidated the reassessment proceedings initiated under sections 147 and 148 of the Income Tax Act, 1961, based on the Departmental Valuation Officer's report. It held that the reassessment, solely relying on the DVO's report received after the original assessment, constituted impermissible review rather than valid reassessment. Additionally, the initiation of the reassessment proceedings was deemed barred by limitation as the assessee had fully disclosed all material facts during the original assessment, and there was no failure on their part. The reassessment proceedings were quashed, and the appeal of the assessee was allowed. en-us Fri, 06 Jan 2012 00:00:00 +0530 Wed, 16 May 2012 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211080 The Tribunal invalidated the reassessment proceedings initiated under sections 147 and 148 of the Income Tax Act, 1961, based on the Departmental Valuation Officer's report. It held that the reassessment, solely relying on the DVO's report received after the original assessment, constituted impermissible review rather than valid reassessment. Additionally, the initiation of the reassessment proceedings was deemed barred by limitation as the assessee had fully disclosed all material facts during the original assessment, and there was no failure on their part. The reassessment proceedings were quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211080