https://www.taxtmi.com/caselaws?id=379702 The Tribunal allowed the appeal, ruling the reopening of assessment under Section 147/148 of the Income-tax Act invalid. It found the Assessing Officer (AO) did not independently assess but relied on information from the Directorate of Investigation, leading to a lack of tangible material supporting the belief of income escape. Citing precedents, the Tribunal emphasized the necessity for the AO to form a belief based on concrete evidence. Consequently, the Tribunal quashed the reopening and subsequent reassessment order, declaring the AO's actions as invalid. en-us Fri, 03 May 2019 00:00:00 +0530 Mon, 06 May 2019 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379702 The Tribunal allowed the appeal, ruling the reopening of assessment under Section 147/148 of the Income-tax Act invalid. It found the Assessing Officer (AO) did not independently assess but relied on information from the Directorate of Investigation, leading to a lack of tangible material supporting the belief of income escape. Citing precedents, the Tribunal emphasized the necessity for the AO to form a belief based on concrete evidence. Consequently, the Tribunal quashed the reopening and subsequent reassessment order, declaring the AO's actions as invalid. Case-Laws Income Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379702