https://www.taxtmi.com/caselaws?id=245195 The Tribunal upheld the validity of the re-opening of assessment for the years 2005-06 and 2006-07 based on the belief of income escapement, although no income was ultimately assessed. The additions made by the Assessing officer regarding the difference in operating income were deleted by the CIT(A) due to lack of proper examination and verification. The Tribunal directed the Assessing officer to re-examine the issue considering the business practices and accounting methods of the assessee. The revenue's appeals were allowed for statistical purposes, and the assessee's appeals were dismissed. en-us Fri, 14 Mar 2014 00:00:00 +0530 Sat, 22 Mar 2014 07:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245195 The Tribunal upheld the validity of the re-opening of assessment for the years 2005-06 and 2006-07 based on the belief of income escapement, although no income was ultimately assessed. The additions made by the Assessing officer regarding the difference in operating income were deleted by the CIT(A) due to lack of proper examination and verification. The Tribunal directed the Assessing officer to re-examine the issue considering the business practices and accounting methods of the assessee. The revenue's appeals were allowed for statistical purposes, and the assessee's appeals were dismissed. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245195