https://www.taxtmi.com/caselaws?id=371744 The Tribunal allowed the appeal, ruling that the reassessment proceedings under sections 147/148 of the Income Tax Act were invalid as they were initiated based on a legal issue raised by the audit party, which was not considered valid grounds for reassessment. The decision emphasized the necessity of tangible material and adherence to legal principles in such proceedings. The Tribunal also highlighted the importance of complying with principles of natural justice in appeal proceedings, despite this issue not directly impacting the appeal outcome. en-us Fri, 30 Nov 2018 00:00:00 +0530 Mon, 10 Dec 2018 09:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371744 The Tribunal allowed the appeal, ruling that the reassessment proceedings under sections 147/148 of the Income Tax Act were invalid as they were initiated based on a legal issue raised by the audit party, which was not considered valid grounds for reassessment. The decision emphasized the necessity of tangible material and adherence to legal principles in such proceedings. The Tribunal also highlighted the importance of complying with principles of natural justice in appeal proceedings, despite this issue not directly impacting the appeal outcome. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371744