https://www.taxtmi.com/caselaws?id=377855 The High Court ruled in favor of the assessee, setting aside the reassessment order and additions made by the Assessing Officer under Sections 147/148 and 68 of the Income Tax Act, 1961 for the assessment year 1986-87. The court emphasized the necessity of valid reasons for initiating reassessment proceedings and the requirement for a rational connection between the reasons and the belief formed by the AO. The judgment highlighted the lack of specific information to justify the belief that income had escaped assessment, ultimately allowing the appeal with no costs awarded. en-us Mon, 01 Apr 2019 00:00:00 +0530 Mon, 27 Jul 2020 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377855 The High Court ruled in favor of the assessee, setting aside the reassessment order and additions made by the Assessing Officer under Sections 147/148 and 68 of the Income Tax Act, 1961 for the assessment year 1986-87. The court emphasized the necessity of valid reasons for initiating reassessment proceedings and the requirement for a rational connection between the reasons and the belief formed by the AO. The judgment highlighted the lack of specific information to justify the belief that income had escaped assessment, ultimately allowing the appeal with no costs awarded. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377855