https://www.taxtmi.com/caselaws?id=370832 The appeals against the Tribunal's order for assessment years 1997-98 and 1998-99 were rejected in favor of the assessee. The court held that re-assessment proceedings initiated under Section 147 after four years were unwarranted as there was no non-disclosure of material facts. The assessee maintained accounts under the cash system for income tax purposes, and the rectification proceedings under Section 154 confirmed this. The court concluded that the re-assessment was not justified, and the questions of law were answered against the Revenue. en-us Mon, 22 Oct 2018 00:00:00 +0530 Sat, 24 Nov 2018 07:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370832 The appeals against the Tribunal's order for assessment years 1997-98 and 1998-99 were rejected in favor of the assessee. The court held that re-assessment proceedings initiated under Section 147 after four years were unwarranted as there was no non-disclosure of material facts. The assessee maintained accounts under the cash system for income tax purposes, and the rectification proceedings under Section 154 confirmed this. The court concluded that the re-assessment was not justified, and the questions of law were answered against the Revenue. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370832