https://www.taxtmi.com/caselaws?id=234598 The ITAT Jodhpur upheld the cancellation of the reassessment under section 147 of the Income Tax Act, emphasizing the importance of concrete evidence and valid grounds for initiating reassessment proceedings. The judgment highlighted the necessity for a clear nexus between the material facts and the belief of income escapement to ensure the legality and sustainability of such proceedings. The ITAT found no merit in the Department's appeal and dismissed it, affirming the cancellation of the reassessment. en-us Thu, 06 Jun 2013 00:00:00 +0530 Wed, 19 Jun 2013 11:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234598 The ITAT Jodhpur upheld the cancellation of the reassessment under section 147 of the Income Tax Act, emphasizing the importance of concrete evidence and valid grounds for initiating reassessment proceedings. The judgment highlighted the necessity for a clear nexus between the material facts and the belief of income escapement to ensure the legality and sustainability of such proceedings. The ITAT found no merit in the Department's appeal and dismissed it, affirming the cancellation of the reassessment. Case-Laws Income Tax Thu, 06 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234598