https://www.taxtmi.com/caselaws?id=182259 The Tribunal dismissed the appeals as the Assessing Officer lacked jurisdiction to reopen the assessment under section 147 of the Income-tax Act, 1961, due to invalid reasons recorded. The Court emphasized the importance of valid reasons to believe in initiating proceedings under section 147 and highlighted that any assessment or reassessment must be based on relevant grounds related to the escaped income. The decision underscored the necessity for the Assessing Officer to comply with statutory requirements before exercising jurisdiction under section 147. en-us Mon, 06 Apr 2015 00:00:00 +0530 Fri, 06 May 2016 11:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182259 The Tribunal dismissed the appeals as the Assessing Officer lacked jurisdiction to reopen the assessment under section 147 of the Income-tax Act, 1961, due to invalid reasons recorded. The Court emphasized the importance of valid reasons to believe in initiating proceedings under section 147 and highlighted that any assessment or reassessment must be based on relevant grounds related to the escaped income. The decision underscored the necessity for the Assessing Officer to comply with statutory requirements before exercising jurisdiction under section 147. Case-Laws Income Tax Mon, 06 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182259