https://www.taxtmi.com/caselaws?id=198920 The Tribunal quashed the reassessment proceedings under section 147 of the Income Tax Act, 1961, due to the lack of a legally sustainable basis for the allegations of unaccounted sales leading to tax evasion. The reasons for reopening the assessment were found to be factually incorrect, leading to the dismissal of the reassessment. The Tribunal also determined that the treatment of sales as unexplained credits by the CIT(A) was not supported by sufficient evidence, ultimately resulting in the quashing of the proceedings. The appeal was allowed, and the reassessment proceedings were annulled. en-us Fri, 28 Apr 2017 00:00:00 +0530 Tue, 13 Feb 2018 06:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198920 The Tribunal quashed the reassessment proceedings under section 147 of the Income Tax Act, 1961, due to the lack of a legally sustainable basis for the allegations of unaccounted sales leading to tax evasion. The reasons for reopening the assessment were found to be factually incorrect, leading to the dismissal of the reassessment. The Tribunal also determined that the treatment of sales as unexplained credits by the CIT(A) was not supported by sufficient evidence, ultimately resulting in the quashing of the proceedings. The appeal was allowed, and the reassessment proceedings were annulled. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198920