https://www.taxtmi.com/caselaws?id=387421 The Tribunal invalidated the initiation of reassessment proceedings by the Assessing Officer under section 148 of the Income-tax Act. It found discrepancies in the AO's reasoning, emphasizing that the loan in question was a repayment, substantiated in the assessee's books. The Tribunal highlighted the necessity of valid reasons for income escapement to initiate reassessment under section 147. As no valid reasons were established, the Tribunal deemed the AO's actions unjustified, ultimately allowing the appeal in favor of the assessee and setting aside the reassessment proceedings and consequential orders. en-us Wed, 11 Sep 2019 00:00:00 +0530 Wed, 23 Oct 2019 08:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387421 The Tribunal invalidated the initiation of reassessment proceedings by the Assessing Officer under section 148 of the Income-tax Act. It found discrepancies in the AO's reasoning, emphasizing that the loan in question was a repayment, substantiated in the assessee's books. The Tribunal highlighted the necessity of valid reasons for income escapement to initiate reassessment under section 147. As no valid reasons were established, the Tribunal deemed the AO's actions unjustified, ultimately allowing the appeal in favor of the assessee and setting aside the reassessment proceedings and consequential orders. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387421