https://www.taxtmi.com/caselaws?id=358316 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act, finding that jurisdictional requirements were not met. The Tribunal emphasized the need for the Assessing Officer to form an independent opinion based on material on record, rather than solely relying on external information such as AIR data. The reassessment was deemed bad in law due to lack of nexus between the information and alleged income escapement. As a result, the appeal of the assessee was allowed without delving into the merits of the case. en-us Wed, 07 Feb 2018 00:00:00 +0530 Tue, 10 Apr 2018 08:25:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358316 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act, finding that jurisdictional requirements were not met. The Tribunal emphasized the need for the Assessing Officer to form an independent opinion based on material on record, rather than solely relying on external information such as AIR data. The reassessment was deemed bad in law due to lack of nexus between the information and alleged income escapement. As a result, the appeal of the assessee was allowed without delving into the merits of the case. Case-Laws Income Tax Wed, 07 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358316