https://www.taxtmi.com/caselaws?id=194699 The Tribunal allowed both appeals of the assessee, quashing the reassessment proceedings initiated under Section 147/148 of the Income Tax Act for the assessment years 2002-03 and 2003-04. The Tribunal found that the Assessing Officer had not applied his mind independently, and the reasons for reopening the assessment lacked tangible material. Consequently, other issues raised by the assessee, including the treatment of Short Term Capital Gain and the addition based on the presumption of accommodation entry, were not addressed in detail. en-us Fri, 07 Oct 2016 00:00:00 +0530 Wed, 20 Sep 2017 07:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194699 The Tribunal allowed both appeals of the assessee, quashing the reassessment proceedings initiated under Section 147/148 of the Income Tax Act for the assessment years 2002-03 and 2003-04. The Tribunal found that the Assessing Officer had not applied his mind independently, and the reasons for reopening the assessment lacked tangible material. Consequently, other issues raised by the assessee, including the treatment of Short Term Capital Gain and the addition based on the presumption of accommodation entry, were not addressed in detail. Case-Laws Income Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194699