https://www.taxtmi.com/caselaws?id=186392 The Tribunal canceled the re-assessment order under section 147 of the Income Tax Act as it found that the reasons for reopening the assessment lacked concrete and reliable basis, being impermissible in law. The Tribunal emphasized that the power to reopen assessments should not be used for mere investigation or to find out the probability of escaped income. Consequently, the appeal of the assessee was allowed, and the re-assessment order was annulled, rendering other grounds of appeal moot. en-us Fri, 13 Aug 2010 00:00:00 +0530 Fri, 16 Sep 2016 11:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186392 The Tribunal canceled the re-assessment order under section 147 of the Income Tax Act as it found that the reasons for reopening the assessment lacked concrete and reliable basis, being impermissible in law. The Tribunal emphasized that the power to reopen assessments should not be used for mere investigation or to find out the probability of escaped income. Consequently, the appeal of the assessee was allowed, and the re-assessment order was annulled, rendering other grounds of appeal moot. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186392