https://www.taxtmi.com/caselaws?id=266437 The Tribunal allowed the Assessee's appeal, quashing the reassessment proceedings due to the invalidity of the notice u/s. 148. The Tribunal found the notice was issued without proper basis or belief of income escapement, similar to the Signature Hotels case, and lacked substantive reasons. The issues of addition of cash deposits u/s. 68 and charging of interest under the I.T. Act were not extensively addressed as the focus remained on the notice's legality. The Tribunal emphasized the necessity of well-founded reasons for reopening assessments. en-us Thu, 10 Sep 2015 00:00:00 +0530 Sat, 17 Oct 2015 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266437 The Tribunal allowed the Assessee's appeal, quashing the reassessment proceedings due to the invalidity of the notice u/s. 148. The Tribunal found the notice was issued without proper basis or belief of income escapement, similar to the Signature Hotels case, and lacked substantive reasons. The issues of addition of cash deposits u/s. 68 and charging of interest under the I.T. Act were not extensively addressed as the focus remained on the notice's legality. The Tribunal emphasized the necessity of well-founded reasons for reopening assessments. Case-Laws Income Tax Thu, 10 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266437