https://www.taxtmi.com/caselaws?id=369218 The Tribunal held that the reopening of the assessment under section 147 of the Income-tax Act, 1961 was arbitrary and lacked jurisdiction due to the absence of substantial new evidence. The Assessing Officer's reasons were deemed to be based on incorrect assumptions of facts and law. Consequently, the Tribunal quashed the reopening proceedings and nullified the assessment order. The appeal of the assessee was allowed, while that of the Revenue was dismissed. The case underscores the necessity of substantial new evidence and accurate legal interpretation for justifying assessment reopenings under section 147 of the Act. en-us Mon, 22 Oct 2018 00:00:00 +0530 Tue, 23 Oct 2018 06:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369218 The Tribunal held that the reopening of the assessment under section 147 of the Income-tax Act, 1961 was arbitrary and lacked jurisdiction due to the absence of substantial new evidence. The Assessing Officer's reasons were deemed to be based on incorrect assumptions of facts and law. Consequently, the Tribunal quashed the reopening proceedings and nullified the assessment order. The appeal of the assessee was allowed, while that of the Revenue was dismissed. The case underscores the necessity of substantial new evidence and accurate legal interpretation for justifying assessment reopenings under section 147 of the Act. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369218