https://www.taxtmi.com/caselaws?id=339027 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under Sections 147/148. It held that the initiation lacked independent assessment by the AO and was based on vague information, violating statutory procedures. The Tribunal found the notice under Section 148 to be vague and lacking tangible material, following the Delhi High Court precedent. Consequently, issues regarding additions on share capital and commission income were not addressed, and the violation of natural justice principles and premature adverse inferences were not examined due to the quashing of the reassessment. en-us Tue, 03 Jan 2017 00:00:00 +0530 Fri, 17 Feb 2017 08:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339027 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under Sections 147/148. It held that the initiation lacked independent assessment by the AO and was based on vague information, violating statutory procedures. The Tribunal found the notice under Section 148 to be vague and lacking tangible material, following the Delhi High Court precedent. Consequently, issues regarding additions on share capital and commission income were not addressed, and the violation of natural justice principles and premature adverse inferences were not examined due to the quashing of the reassessment. Case-Laws Income Tax Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339027