https://www.taxtmi.com/caselaws?id=262790 The Tribunal held that the initiation of reopening under section 147 and the issuance of notice under section 148 were without jurisdiction and void ab initio due to lack of new material justifying income escape. The Tribunal also ruled that the compensation received should be classified as "Profits and Gains of Business" as consistently treated in prior years. The Tribunal reduced the annual value of the property and dismissed the levy of interest under section 234B. Penalties under section 271(1)(c) were deleted as the assessment orders were quashed. The assessee's appeals were allowed, quashing reassessment proceedings and assessment orders, while the revenue's appeals were dismissed. en-us Wed, 12 Aug 2015 00:00:00 +0530 Mon, 17 Aug 2015 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262790 The Tribunal held that the initiation of reopening under section 147 and the issuance of notice under section 148 were without jurisdiction and void ab initio due to lack of new material justifying income escape. The Tribunal also ruled that the compensation received should be classified as "Profits and Gains of Business" as consistently treated in prior years. The Tribunal reduced the annual value of the property and dismissed the levy of interest under section 234B. Penalties under section 271(1)(c) were deleted as the assessment orders were quashed. The assessee's appeals were allowed, quashing reassessment proceedings and assessment orders, while the revenue's appeals were dismissed. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262790