https://www.taxtmi.com/caselaws?id=192849 The ITAT dismissed the Revenue's appeal and upheld the decision to annul the reassessment order for AY 2001-02. The reassessment proceedings initiated under section 147 were deemed invalid as the AO acted on suspicion without concrete evidence. The additions made by the AO on unexplained investments and commission receivable were not justified, with the ITAT finding insufficient material to support them. The ITAT affirmed the ld.CIT(A)'s decision, emphasizing the lack of sufficient reasons for the reassessment. en-us Wed, 29 Sep 2010 00:00:00 +0530 Mon, 26 Jun 2017 17:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192849 The ITAT dismissed the Revenue's appeal and upheld the decision to annul the reassessment order for AY 2001-02. The reassessment proceedings initiated under section 147 were deemed invalid as the AO acted on suspicion without concrete evidence. The additions made by the AO on unexplained investments and commission receivable were not justified, with the ITAT finding insufficient material to support them. The ITAT affirmed the ld.CIT(A)'s decision, emphasizing the lack of sufficient reasons for the reassessment. Case-Laws Income Tax Wed, 29 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192849