https://www.taxtmi.com/caselaws?id=211358 The Tribunal ruled in favor of the assessee, holding that the reassessment proceedings initiated by the AO were invalid due to lack of tangible material justifying income escapement belief. Consequently, the assessment made by the AO u/s 143(3) read with section 147 was quashed. Since the assessment was canceled, the other issues raised in the appeals became irrelevant, and the Tribunal did not address them. The appeal of the assessee was allowed, and the appeal of the Revenue was dismissed. en-us Fri, 07 Oct 2011 00:00:00 +0530 Thu, 16 Feb 2012 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211358 The Tribunal ruled in favor of the assessee, holding that the reassessment proceedings initiated by the AO were invalid due to lack of tangible material justifying income escapement belief. Consequently, the assessment made by the AO u/s 143(3) read with section 147 was quashed. Since the assessment was canceled, the other issues raised in the appeals became irrelevant, and the Tribunal did not address them. The appeal of the assessee was allowed, and the appeal of the Revenue was dismissed. Case-Laws Income Tax Fri, 07 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211358