https://www.taxtmi.com/caselaws?id=256104 The ITAT allowed the assessee's appeal, holding that the reopening of the assessment under section 147 of the Income Tax Act was invalid and should be quashed. The decision was based on the lack of tangible material and independent application of mind by the Assessing Officer, as well as the necessity of a genuine reason to believe income escapement, as established in relevant High Court judgments. Consequently, the reassessment proceedings were annulled in favor of the assessee. en-us Fri, 09 Jan 2015 00:00:00 +0530 Wed, 04 Feb 2015 06:19:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256104 The ITAT allowed the assessee's appeal, holding that the reopening of the assessment under section 147 of the Income Tax Act was invalid and should be quashed. The decision was based on the lack of tangible material and independent application of mind by the Assessing Officer, as well as the necessity of a genuine reason to believe income escapement, as established in relevant High Court judgments. Consequently, the reassessment proceedings were annulled in favor of the assessee. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256104