https://www.taxtmi.com/caselaws?id=181279 The Tribunal deemed the reassessment proceedings invalid and void ab initio as the Assessing Officer lacked material to believe income had escaped assessment. It concluded that the transfer of the flat was a commercial transaction, not an employment-related benefit, resulting in no taxable perquisite. Additionally, it held that any valuation should be based on the market value in 1981, not 1988, and canceled the interest charged under sections 234A, 234B, and 234C. The appeal favored the assessee. en-us Thu, 13 Mar 1997 00:00:00 +0530 Tue, 12 Apr 2016 13:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181279 The Tribunal deemed the reassessment proceedings invalid and void ab initio as the Assessing Officer lacked material to believe income had escaped assessment. It concluded that the transfer of the flat was a commercial transaction, not an employment-related benefit, resulting in no taxable perquisite. Additionally, it held that any valuation should be based on the market value in 1981, not 1988, and canceled the interest charged under sections 234A, 234B, and 234C. The appeal favored the assessee. Case-Laws Income Tax Thu, 13 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181279