https://www.taxtmi.com/caselaws?id=176050 The HC upheld the Tribunal's decision affirming the CIT(A)'s order to set aside the reassessment under section 147 of the Income-tax Act. The Court determined that the original acceptance of the return under section 143(1) constituted an assessment order, and the Assessing Officer had all necessary facts for the initial assessment. The revenue's argument for reassessment based on new information was rejected, as no new material facts were presented. Consequently, the HC dismissed the revenue's reference application, concluding no substantial question of law was involved. en-us Thu, 04 Oct 2007 00:00:00 +0530 Sat, 23 Mar 2024 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176050 The HC upheld the Tribunal's decision affirming the CIT(A)'s order to set aside the reassessment under section 147 of the Income-tax Act. The Court determined that the original acceptance of the return under section 143(1) constituted an assessment order, and the Assessing Officer had all necessary facts for the initial assessment. The revenue's argument for reassessment based on new information was rejected, as no new material facts were presented. Consequently, the HC dismissed the revenue's reference application, concluding no substantial question of law was involved. Case-Laws Income Tax Thu, 04 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176050