https://www.taxtmi.com/caselaws?id=360761 The Tribunal dismissed the Revenue's appeal, ruling the reopening of the assessment invalid. The reasons for reopening did not meet the requirements of Section 147, lacked independent verification, and were based on coerced statements later denied by witnesses. The Tribunal emphasized the necessity for the Assessing Officer to apply due diligence before forming a belief of income escapement. The evidentiary value of the retracted statements was deemed insufficient for reopening. The decision was based on the failure to fulfill mandatory provisions, lack of proper assessment procedures, and the unreliable nature of the recorded statements. en-us Fri, 18 May 2018 00:00:00 +0530 Tue, 22 May 2018 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360761 The Tribunal dismissed the Revenue's appeal, ruling the reopening of the assessment invalid. The reasons for reopening did not meet the requirements of Section 147, lacked independent verification, and were based on coerced statements later denied by witnesses. The Tribunal emphasized the necessity for the Assessing Officer to apply due diligence before forming a belief of income escapement. The evidentiary value of the retracted statements was deemed insufficient for reopening. The decision was based on the failure to fulfill mandatory provisions, lack of proper assessment procedures, and the unreliable nature of the recorded statements. Case-Laws Income Tax Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360761