https://www.taxtmi.com/caselaws?id=217603 The Tribunal upheld the annulment of the reassessment order initiated under Section 147 of the Income Tax Act, emphasizing that proceedings under Section 147 cannot be initiated when cash is requisitioned under Section 132A falling under Chapter XIV-B. It concluded that the Assessing Officer's action was not in accordance with the law, as the material should have been subject to block assessment only. The Tribunal also deemed the reassessment proceedings void ab initio and dismissed the Revenue's appeal while partly allowing the Cross Objection by the assessee. en-us Fri, 12 Oct 2012 00:00:00 +0530 Thu, 07 Apr 2016 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217603 The Tribunal upheld the annulment of the reassessment order initiated under Section 147 of the Income Tax Act, emphasizing that proceedings under Section 147 cannot be initiated when cash is requisitioned under Section 132A falling under Chapter XIV-B. It concluded that the Assessing Officer's action was not in accordance with the law, as the material should have been subject to block assessment only. The Tribunal also deemed the reassessment proceedings void ab initio and dismissed the Revenue's appeal while partly allowing the Cross Objection by the assessee. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217603