https://www.taxtmi.com/caselaws?id=365727 The Tribunal quashed the reassessment proceedings initiated under Section 148 of the Income-Tax Act, 1961, as the reasons recorded by the Assessing Officer lacked a direct and live nexus with the belief that income had escaped assessment. The Tribunal found that the initiation of reassessment was not sustainable, as there was no new material or fact that came to the AO's knowledge at the time of framing the reassessment. Consequently, the Tribunal did not consider the merits of the addition of expenses claimed by the assessee, ultimately allowing the appeal and ruling in favor of the assessee. en-us Fri, 17 Aug 2018 00:00:00 +0530 Wed, 22 Aug 2018 08:06:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365727 The Tribunal quashed the reassessment proceedings initiated under Section 148 of the Income-Tax Act, 1961, as the reasons recorded by the Assessing Officer lacked a direct and live nexus with the belief that income had escaped assessment. The Tribunal found that the initiation of reassessment was not sustainable, as there was no new material or fact that came to the AO's knowledge at the time of framing the reassessment. Consequently, the Tribunal did not consider the merits of the addition of expenses claimed by the assessee, ultimately allowing the appeal and ruling in favor of the assessee. Case-Laws Income Tax Fri, 17 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365727