https://www.taxtmi.com/caselaws?id=254121 The ITAT Agra Bench quashed the reopening of assessments for both assessment years 2005-06 and 2006-07, as the AO lacked a valid "reason to believe" income had escaped assessment. Consequently, all additions made by the AO were deleted, and the appeals were allowed in favor of the assessee. The issues of incorrect valuation and disallowance of expenses became academic and were not separately adjudicated. en-us Wed, 30 Apr 2014 00:00:00 +0530 Tue, 14 Oct 2014 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254121 The ITAT Agra Bench quashed the reopening of assessments for both assessment years 2005-06 and 2006-07, as the AO lacked a valid "reason to believe" income had escaped assessment. Consequently, all additions made by the AO were deleted, and the appeals were allowed in favor of the assessee. The issues of incorrect valuation and disallowance of expenses became academic and were not separately adjudicated. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254121