https://www.taxtmi.com/caselaws?id=270658 The ITAT invalidated the reassessment for Assessment Years 1999-2000 and 2000-01 under section 147 of the Income Tax Act. The appeals were allowed as the AO lacked a genuine belief of escaped income, initiating reassessment solely based on information from the investigation wing without independent verification. Citing legal precedents and Delhi High Court judgments, the ITAT quashed the proceedings, emphasizing the necessity of a valid basis for reassessment. The jurisdiction assumption was deemed flawed, resulting in the reassessment being declared invalid for both years. en-us Thu, 29 Oct 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:50:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270658 The ITAT invalidated the reassessment for Assessment Years 1999-2000 and 2000-01 under section 147 of the Income Tax Act. The appeals were allowed as the AO lacked a genuine belief of escaped income, initiating reassessment solely based on information from the investigation wing without independent verification. Citing legal precedents and Delhi High Court judgments, the ITAT quashed the proceedings, emphasizing the necessity of a valid basis for reassessment. The jurisdiction assumption was deemed flawed, resulting in the reassessment being declared invalid for both years. Case-Laws Income Tax Thu, 29 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270658