https://www.taxtmi.com/caselaws?id=193367 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act, citing the absence of valid reasons and independent application of mind by the Assessing Officer. The Tribunal found the proceedings to be "bad in law" and void-ab-initio, following the precedent set in Pr. CIT vs. G&G Pharma India Ltd. Consequently, the additions made under Section 68 for an alleged gift and commission were not addressed as the reassessment was deemed invalid. The Tribunal allowed both appeals of the assessees, rendering the other issues raised academic. en-us Tue, 03 Jan 2017 00:00:00 +0530 Wed, 26 Jul 2017 10:29:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193367 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act, citing the absence of valid reasons and independent application of mind by the Assessing Officer. The Tribunal found the proceedings to be "bad in law" and void-ab-initio, following the precedent set in Pr. CIT vs. G&G Pharma India Ltd. Consequently, the additions made under Section 68 for an alleged gift and commission were not addressed as the reassessment was deemed invalid. The Tribunal allowed both appeals of the assessees, rendering the other issues raised academic. Case-Laws Income Tax Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193367