https://www.taxtmi.com/caselaws?id=243712 The Tribunal held that the Assessing Officer lacked jurisdiction in reopening the assessment solely based on the annulment of the previous assessment under section 143(3). Additionally, the reassessment proceedings initiated based on incriminating material found during a survey action were deemed unsustainable as no relevant material for the assessment year was discovered. The Tribunal emphasized the necessity of a valid "reason to believe" supported by specific material for reopening assessments under section 147, dismissing the appeal and upholding the decision setting aside the assessment order. en-us Wed, 05 Feb 2014 00:00:00 +0530 Sat, 08 Feb 2014 10:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243712 The Tribunal held that the Assessing Officer lacked jurisdiction in reopening the assessment solely based on the annulment of the previous assessment under section 143(3). Additionally, the reassessment proceedings initiated based on incriminating material found during a survey action were deemed unsustainable as no relevant material for the assessment year was discovered. The Tribunal emphasized the necessity of a valid "reason to believe" supported by specific material for reopening assessments under section 147, dismissing the appeal and upholding the decision setting aside the assessment order. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243712