https://www.taxtmi.com/caselaws?id=282330 The Tribunal held that the Assessing Officer lacked valid jurisdiction to initiate reassessment proceedings under section 147 of the Income Tax Act due to the absence of new tangible material justifying the reassessment. Consequently, the initiation of reassessment proceedings and all subsequent actions were deemed invalid and quashed. As a result, the issue of the addition of Rs. 1,92,000 under section 143(1) of the Act was not adjudicated, and the Assessee's appeal was allowed on the grounds of the invalid initiation of reassessment. The Tribunal ruled in favor of the Assessee on 25th September 2018. en-us Tue, 25 Sep 2018 00:00:00 +0530 Sat, 03 Aug 2019 06:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282330 The Tribunal held that the Assessing Officer lacked valid jurisdiction to initiate reassessment proceedings under section 147 of the Income Tax Act due to the absence of new tangible material justifying the reassessment. Consequently, the initiation of reassessment proceedings and all subsequent actions were deemed invalid and quashed. As a result, the issue of the addition of Rs. 1,92,000 under section 143(1) of the Act was not adjudicated, and the Assessee's appeal was allowed on the grounds of the invalid initiation of reassessment. The Tribunal ruled in favor of the Assessee on 25th September 2018. Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282330