https://www.taxtmi.com/caselaws?id=280460 The Tribunal held that reopening assessments based on retracted survey statements is impermissible in law as it lacks a valid reason to believe income has escaped assessment. The reassessments and revision orders were set aside as not sustainable in law. The appeals filed by the assessees were allowed, and the orders were pronounced on April 23, 2012, at Chennai. en-us Mon, 23 Apr 2012 00:00:00 +0530 Mon, 06 May 2019 13:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280460 The Tribunal held that reopening assessments based on retracted survey statements is impermissible in law as it lacks a valid reason to believe income has escaped assessment. The reassessments and revision orders were set aside as not sustainable in law. The appeals filed by the assessees were allowed, and the orders were pronounced on April 23, 2012, at Chennai. Case-Laws Income Tax Mon, 23 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280460