https://www.taxtmi.com/caselaws?id=357656 The court found in favor of the petitioner, holding that the reassessment proceedings under Sections 147 and 148 of the Income Tax Act were invalid due to failure to meet jurisdictional requirements. The court emphasized the necessity of strict adherence to the law when initiating reassessment, including establishing a valid reason to believe income has escaped assessment and ensuring a live link between tangible material and the reason to believe. The petitioner's challenge was allowed, highlighting the significance of disclosing all material facts and reasons for reassessment. The court also noted discrepancies in the Assistant Commissioner's actions in other cases, urging guidance for future cases. en-us Tue, 13 Mar 2018 00:00:00 +0530 Tue, 13 Nov 2018 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357656 The court found in favor of the petitioner, holding that the reassessment proceedings under Sections 147 and 148 of the Income Tax Act were invalid due to failure to meet jurisdictional requirements. The court emphasized the necessity of strict adherence to the law when initiating reassessment, including establishing a valid reason to believe income has escaped assessment and ensuring a live link between tangible material and the reason to believe. The petitioner's challenge was allowed, highlighting the significance of disclosing all material facts and reasons for reassessment. The court also noted discrepancies in the Assistant Commissioner's actions in other cases, urging guidance for future cases. Case-Laws Income Tax Tue, 13 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357656