https://www.taxtmi.com/caselaws?id=328666 The Tribunal deemed the notice under Section 148 as time-barred and illegal due to the absence of failure to disclose material facts, quashing the reassessment. The reopening lacked a valid "reason to believe" for income escapement, as no new evidence was presented. Reopening based on directions from the Investigation Wing without independent verification was deemed inappropriate. The Tribunal emphasized the necessity of meeting procedural requirements and independent assessment by the AO in reopening assessments, ultimately ruling in favor of the assessee and invalidating the assessment order. en-us Fri, 03 Jun 2016 00:00:00 +0530 Fri, 10 Jun 2016 17:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328666 The Tribunal deemed the notice under Section 148 as time-barred and illegal due to the absence of failure to disclose material facts, quashing the reassessment. The reopening lacked a valid "reason to believe" for income escapement, as no new evidence was presented. Reopening based on directions from the Investigation Wing without independent verification was deemed inappropriate. The Tribunal emphasized the necessity of meeting procedural requirements and independent assessment by the AO in reopening assessments, ultimately ruling in favor of the assessee and invalidating the assessment order. Case-Laws Income Tax Fri, 03 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328666