https://www.taxtmi.com/caselaws?id=383921 The High Court dismissed the Revenue's appeal regarding the reopening of assessment under section 147 of the Income Tax Act. The Court upheld the Income Tax Appellate Tribunal's decision, emphasizing the lack of new tangible material to justify reassessment. Additionally, the Court supported the Tribunal's ruling to set aside the addition made under section 143(1) of the Act, highlighting the insufficiency of grounds provided by the Assessing Officer. The judgment underscored the necessity of substantial reasons for initiating reassessment proceedings, ultimately resulting in the dismissal of the Revenue's appeal. en-us Mon, 29 Jul 2019 00:00:00 +0530 Fri, 02 Aug 2019 06:27:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383921 The High Court dismissed the Revenue's appeal regarding the reopening of assessment under section 147 of the Income Tax Act. The Court upheld the Income Tax Appellate Tribunal's decision, emphasizing the lack of new tangible material to justify reassessment. Additionally, the Court supported the Tribunal's ruling to set aside the addition made under section 143(1) of the Act, highlighting the insufficiency of grounds provided by the Assessing Officer. The judgment underscored the necessity of substantial reasons for initiating reassessment proceedings, ultimately resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 29 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383921