https://www.taxtmi.com/caselaws?id=236116 The Tribunal allowed the appeal, quashing the initiation of reassessment proceedings under Section 147 of the Income Tax Act and deleting the addition of Rs. 6,82,757 under Section 40A(3). The Tribunal found the Assessing Officer acted without jurisdiction and on mere suspicion, lacking reasonable grounds or material evidence to support the belief of escaped income. The decision highlighted the importance of factual correctness and reasonable grounds for initiating reassessment proceedings. en-us Thu, 08 Aug 2013 00:00:00 +0530 Wed, 14 Aug 2013 19:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236116 The Tribunal allowed the appeal, quashing the initiation of reassessment proceedings under Section 147 of the Income Tax Act and deleting the addition of Rs. 6,82,757 under Section 40A(3). The Tribunal found the Assessing Officer acted without jurisdiction and on mere suspicion, lacking reasonable grounds or material evidence to support the belief of escaped income. The decision highlighted the importance of factual correctness and reasonable grounds for initiating reassessment proceedings. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236116