https://www.taxtmi.com/caselaws?id=380047 The Tribunal quashed the reassessment order due to the Assessing Officer's failure to comply with mandatory conditions under sections 147 to 151, leading to the appeal's success. The Tribunal also invalidated the reassessment order under sections 143(3)/147, citing non-compliance with essential conditions. Additionally, the Tribunal emphasized the necessity of providing reasons recorded for reopening assessments, deeming the initiation of reassessment proceedings void. The addition of Rs. 25,00,000 under section 68 of the Income Tax Act was overturned due to procedural irregularities and non-compliance with legal requirements, resulting in the quashing of the assessment order in favor of the appellant. en-us Wed, 08 May 2019 00:00:00 +0530 Mon, 13 May 2019 06:59:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380047 The Tribunal quashed the reassessment order due to the Assessing Officer's failure to comply with mandatory conditions under sections 147 to 151, leading to the appeal's success. The Tribunal also invalidated the reassessment order under sections 143(3)/147, citing non-compliance with essential conditions. Additionally, the Tribunal emphasized the necessity of providing reasons recorded for reopening assessments, deeming the initiation of reassessment proceedings void. The addition of Rs. 25,00,000 under section 68 of the Income Tax Act was overturned due to procedural irregularities and non-compliance with legal requirements, resulting in the quashing of the assessment order in favor of the appellant. Case-Laws Income Tax Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380047