https://www.taxtmi.com/caselaws?id=360069 The Tribunal found the reasons recorded for initiating proceedings under section 147/148 to be arbitrary and legally flawed, leading to the re-assessment order being deemed illegal and void ab initio. Consequently, the order passed by the ld. CIT(A) and the re-assessment proceedings were quashed, ruling in favor of the assessee and allowing the appeal. The Tribunal emphasized the necessity of a rational connection between the material available to the Assessing Officer and the belief of income escapement, which was lacking in this case. en-us Mon, 07 May 2018 00:00:00 +0530 Wed, 09 May 2018 08:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360069 The Tribunal found the reasons recorded for initiating proceedings under section 147/148 to be arbitrary and legally flawed, leading to the re-assessment order being deemed illegal and void ab initio. Consequently, the order passed by the ld. CIT(A) and the re-assessment proceedings were quashed, ruling in favor of the assessee and allowing the appeal. The Tribunal emphasized the necessity of a rational connection between the material available to the Assessing Officer and the belief of income escapement, which was lacking in this case. Case-Laws Income Tax Mon, 07 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360069