https://www.taxtmi.com/caselaws?id=195058 The Tribunal quashed the re-assessment proceedings initiated under sections 147/148 of the Income Tax Act, declaring them invalid due to lack of tangible material indicating income escapement. Additionally, the Tribunal deleted the additions made under section 68 of the Income Tax Act, emphasizing the importance of proper justification for re-opening assessments and the requirement for tangible evidence of income escapement. The decision highlights the necessity for assessing officers to base re-assessment on factual grounds rather than a mere change of opinion. en-us Wed, 14 Sep 2016 00:00:00 +0530 Fri, 13 Oct 2017 09:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195058 The Tribunal quashed the re-assessment proceedings initiated under sections 147/148 of the Income Tax Act, declaring them invalid due to lack of tangible material indicating income escapement. Additionally, the Tribunal deleted the additions made under section 68 of the Income Tax Act, emphasizing the importance of proper justification for re-opening assessments and the requirement for tangible evidence of income escapement. The decision highlights the necessity for assessing officers to base re-assessment on factual grounds rather than a mere change of opinion. Case-Laws Income Tax Wed, 14 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195058