https://www.taxtmi.com/caselaws?id=218118 The Tribunal annulled the reassessment proceedings, ruling the initiation was not legal. It found the Assessing Officer's belief on income escapement not bona fide, as the investment in specified long-term assets complied with the law. The Tribunal highlighted mutually contradictory reasons for reopening assessment, deeming the belief not genuine. Consequently, the Tribunal allowed the cross-objection and dismissed the revenue's appeal. en-us Wed, 11 Apr 2012 00:00:00 +0530 Mon, 05 Nov 2012 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218118 The Tribunal annulled the reassessment proceedings, ruling the initiation was not legal. It found the Assessing Officer's belief on income escapement not bona fide, as the investment in specified long-term assets complied with the law. The Tribunal highlighted mutually contradictory reasons for reopening assessment, deeming the belief not genuine. Consequently, the Tribunal allowed the cross-objection and dismissed the revenue's appeal. Case-Laws Income Tax Wed, 11 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218118