https://www.taxtmi.com/caselaws?id=260103 The ITAT allowed the appeal filed by the assessee, holding that the income had already been assessed under section 158BC and could not be reassessed under section 148. The ITAT emphasized that section 147 was meant to tax only genuinely escaped income, not income already considered in a block assessment. The ITAT ruled that the A.O.'s reasons for reassessment did not indicate any escaped income, and the proceedings were unjustified, especially when the previous assessment decision was pending before the High Court. The ITAT affirmed the Ld. CIT(A)'s findings from the previous assessment year. en-us Tue, 31 Mar 2015 00:00:00 +0530 Tue, 02 Jun 2015 06:00:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260103 The ITAT allowed the appeal filed by the assessee, holding that the income had already been assessed under section 158BC and could not be reassessed under section 148. The ITAT emphasized that section 147 was meant to tax only genuinely escaped income, not income already considered in a block assessment. The ITAT ruled that the A.O.'s reasons for reassessment did not indicate any escaped income, and the proceedings were unjustified, especially when the previous assessment decision was pending before the High Court. The ITAT affirmed the Ld. CIT(A)'s findings from the previous assessment year. Case-Laws Income Tax Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260103