https://www.taxtmi.com/caselaws?id=385546 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order regarding reassessment proceedings for Assessment Year 2005-06. The Court emphasized the necessity for the Assessing Officer to identify a failure in disclosing material facts before re-opening assessments under Section 147 of the Income Tax Act. Since the reasons recorded for reopening did not indicate such failure, the Court upheld the Tribunal's decision to quash the reopening. The judgment underscores the importance of adhering to legal requirements and precedents in reassessment proceedings, ensuring proper establishment of failures in disclosing material facts before initiating such actions. en-us Tue, 20 Aug 2019 00:00:00 +0530 Sat, 07 Sep 2019 06:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385546 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order regarding reassessment proceedings for Assessment Year 2005-06. The Court emphasized the necessity for the Assessing Officer to identify a failure in disclosing material facts before re-opening assessments under Section 147 of the Income Tax Act. Since the reasons recorded for reopening did not indicate such failure, the Court upheld the Tribunal's decision to quash the reopening. The judgment underscores the importance of adhering to legal requirements and precedents in reassessment proceedings, ensuring proper establishment of failures in disclosing material facts before initiating such actions. Case-Laws Income Tax Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385546