https://www.taxtmi.com/caselaws?id=365180 The Tribunal upheld the initiation of reassessment proceedings under section 147 of the Income Tax Act, citing a reasonable belief in the escapement of income based on specific information. The Tribunal dismissed the challenge to the validity of the proceedings, finding no infirmity in the reasoning. Regarding the disallowance of expenses, the Tribunal partially allowed the appeal, deleting a 2% commission addition imposed without proper notification to the assessee, thereby modifying the decision of the Ld. CIT (A) and partially favoring the assessee. en-us Wed, 08 Aug 2018 00:00:00 +0530 Sat, 11 Aug 2018 08:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365180 The Tribunal upheld the initiation of reassessment proceedings under section 147 of the Income Tax Act, citing a reasonable belief in the escapement of income based on specific information. The Tribunal dismissed the challenge to the validity of the proceedings, finding no infirmity in the reasoning. Regarding the disallowance of expenses, the Tribunal partially allowed the appeal, deleting a 2% commission addition imposed without proper notification to the assessee, thereby modifying the decision of the Ld. CIT (A) and partially favoring the assessee. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365180