https://www.taxtmi.com/caselaws?id=343867 The Tribunal annulled the reassessment order under sections 147 and 143(3) of the Income Tax Act due to a lack of tangible material supporting the belief that income had escaped assessment. Relying on legal precedents emphasizing the necessity of substantial evidence for reopening assessments, the Tribunal ruled in favor of the assessee, highlighting the importance of justification in initiating reassessments. The decision underscores the requirement for concrete grounds and evidence when conducting reassessments under the Income Tax Act. en-us Fri, 02 Jun 2017 00:00:00 +0530 Sat, 03 Jun 2017 06:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343867 The Tribunal annulled the reassessment order under sections 147 and 143(3) of the Income Tax Act due to a lack of tangible material supporting the belief that income had escaped assessment. Relying on legal precedents emphasizing the necessity of substantial evidence for reopening assessments, the Tribunal ruled in favor of the assessee, highlighting the importance of justification in initiating reassessments. The decision underscores the requirement for concrete grounds and evidence when conducting reassessments under the Income Tax Act. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343867