https://www.taxtmi.com/caselaws?id=387779 The Tribunal quashed the reassessment proceedings due to the invalid assumption of jurisdiction under Section 147 of the Income Tax Act. The reasons recorded for reopening the assessment were found to be based on borrowed satisfaction without independent application of mind and lacked the necessary tangible material to form a valid belief of income escaping assessment. Consequently, the additions made by the Assessing Officer were also invalidated. en-us Fri, 27 Sep 2019 00:00:00 +0530 Fri, 01 Nov 2019 21:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387779 The Tribunal quashed the reassessment proceedings due to the invalid assumption of jurisdiction under Section 147 of the Income Tax Act. The reasons recorded for reopening the assessment were found to be based on borrowed satisfaction without independent application of mind and lacked the necessary tangible material to form a valid belief of income escaping assessment. Consequently, the additions made by the Assessing Officer were also invalidated. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387779