https://www.taxtmi.com/caselaws?id=217995 The Tribunal declared the reassessment proceedings as bad in law as there was no fresh material for the Assessing Officer to form reasons to believe that income had escaped assessment. The Assessee's appeal was allowed, emphasizing the importance of adhering to the law as it stood at the time of issuing notices for reassessment. The disallowance of the provision for bad and doubtful debts in the computation of book profits under Section 115JB was overturned, and the levy of interest under section 234B was not addressed due to the primary issue of the reopening of the assessment. en-us Fri, 18 May 2012 00:00:00 +0530 Thu, 01 Nov 2012 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217995 The Tribunal declared the reassessment proceedings as bad in law as there was no fresh material for the Assessing Officer to form reasons to believe that income had escaped assessment. The Assessee's appeal was allowed, emphasizing the importance of adhering to the law as it stood at the time of issuing notices for reassessment. The disallowance of the provision for bad and doubtful debts in the computation of book profits under Section 115JB was overturned, and the levy of interest under section 234B was not addressed due to the primary issue of the reopening of the assessment. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217995