https://www.taxtmi.com/caselaws?id=182342 The High Court of Delhi dismissed the appeal challenging the reopening of assessment proceedings for the assessment year 1996-97 under section 147 of the Income-tax Act, 1961. The Court held that the reassessment proceedings were not valid as the statement of a third party lacked specific details linking the assessee to the alleged transactions, emphasizing the need for tangible material to initiate action under section 147. Following the precedent set in United Electrical Co. (P) Ltd.'s case, the appeal was rejected, and the appellant was directed to pay costs of Rs. 5,000 to the Delhi High Court Legal Services Committee. en-us Thu, 19 Jul 2007 00:00:00 +0530 Sat, 07 May 2016 15:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182342 The High Court of Delhi dismissed the appeal challenging the reopening of assessment proceedings for the assessment year 1996-97 under section 147 of the Income-tax Act, 1961. The Court held that the reassessment proceedings were not valid as the statement of a third party lacked specific details linking the assessee to the alleged transactions, emphasizing the need for tangible material to initiate action under section 147. Following the precedent set in United Electrical Co. (P) Ltd.'s case, the appeal was rejected, and the appellant was directed to pay costs of Rs. 5,000 to the Delhi High Court Legal Services Committee. Case-Laws Income Tax Thu, 19 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182342