https://www.taxtmi.com/caselaws?id=336366 The Tribunal held the reopening of assessment under section 147 invalid as the reasons recorded were vague without tangible material, based solely on information from the Investigation Wing. The Tribunal emphasized the necessity of tangible material for reopening assessments, citing precedents. Consequently, the appeal was allowed without delving into the merits of the additions made under sections 68 and 69C of the IT Act due to the invalidity of the reopening. The AO's belief of escapement of income based solely on information from the Investigation Wing was deemed legally untenable. en-us Tue, 13 Dec 2016 00:00:00 +0530 Tue, 20 Dec 2016 10:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336366 The Tribunal held the reopening of assessment under section 147 invalid as the reasons recorded were vague without tangible material, based solely on information from the Investigation Wing. The Tribunal emphasized the necessity of tangible material for reopening assessments, citing precedents. Consequently, the appeal was allowed without delving into the merits of the additions made under sections 68 and 69C of the IT Act due to the invalidity of the reopening. The AO's belief of escapement of income based solely on information from the Investigation Wing was deemed legally untenable. Case-Laws Income Tax Tue, 13 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336366