https://www.taxtmi.com/caselaws?id=178536 The Tribunal quashed the assessment, allowing the appeal filed by the assessee in part and dismissing the appeal of the Department. The Tribunal found that the reassessment was bad in law as the AO lacked sufficient material to form a belief that income had escaped assessment. The notice issued under sections 147 and 148 was deemed illegal and without jurisdiction due to lack of prima facie belief and reasons based on suspicion. The Tribunal held that there was no fresh material to justify reopening the assessment, leading to the assessment being quashed. en-us Wed, 28 Oct 2009 00:00:00 +0530 Mon, 08 Feb 2016 13:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178536 The Tribunal quashed the assessment, allowing the appeal filed by the assessee in part and dismissing the appeal of the Department. The Tribunal found that the reassessment was bad in law as the AO lacked sufficient material to form a belief that income had escaped assessment. The notice issued under sections 147 and 148 was deemed illegal and without jurisdiction due to lack of prima facie belief and reasons based on suspicion. The Tribunal held that there was no fresh material to justify reopening the assessment, leading to the assessment being quashed. Case-Laws Income Tax Wed, 28 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178536