https://www.taxtmi.com/caselaws?id=268265 The Calcutta High Court ruled in favor of the assessee, setting aside the reassessment proceedings under Section 147 for assessment years 1998-99 and 1999-00, while upholding the reassessment for assessment years 2000-01 and 2001-02. The court found a violation of natural justice as recorded reasons for initiating the proceedings were not provided to the assessee, leading to a lack of concrete evidence to support income escapement claims. The reassessment process was deemed speculative and lacking tangible material, resulting in the court ruling the proceedings as baseless and in favor of the assessee. en-us Thu, 19 Feb 2015 00:00:00 +0530 Mon, 23 Nov 2015 03:56:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268265 The Calcutta High Court ruled in favor of the assessee, setting aside the reassessment proceedings under Section 147 for assessment years 1998-99 and 1999-00, while upholding the reassessment for assessment years 2000-01 and 2001-02. The court found a violation of natural justice as recorded reasons for initiating the proceedings were not provided to the assessee, leading to a lack of concrete evidence to support income escapement claims. The reassessment process was deemed speculative and lacking tangible material, resulting in the court ruling the proceedings as baseless and in favor of the assessee. Case-Laws Income Tax Thu, 19 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268265