https://www.taxtmi.com/caselaws?id=181250 The tribunal dismissed the appeal of the Revenue, quashing the reassessment proceedings under Section 148. It upheld the genuineness of transactions involving J.M. Mutual Fund and share transactions with M/s S.K. Garg & Co. Emphasizing the need for relevant reasons to initiate reassessment and the burden of proof on the Revenue to establish income escapement, the tribunal ruled in favor of the assessee, highlighting the importance of a rational nexus between material and belief formation by the Assessing Officer. en-us Fri, 13 Feb 2009 00:00:00 +0530 Mon, 11 Apr 2016 17:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181250 The tribunal dismissed the appeal of the Revenue, quashing the reassessment proceedings under Section 148. It upheld the genuineness of transactions involving J.M. Mutual Fund and share transactions with M/s S.K. Garg & Co. Emphasizing the need for relevant reasons to initiate reassessment and the burden of proof on the Revenue to establish income escapement, the tribunal ruled in favor of the assessee, highlighting the importance of a rational nexus between material and belief formation by the Assessing Officer. Case-Laws Income Tax Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181250