https://www.taxtmi.com/caselaws?id=284809 The High Court held that the Income Tax Appellate Tribunal (ITAT) erred in deeming the re-assessment notice and proceedings under Section 147 of the Income Tax Act, 1961 as invalid. The Court found that the re-assessment was based on fresh material obtained during a search operation, constituting "tangible material" not available during the original assessment. As the original assessment was not completed under Section 143(3) of the Act, the Court set aside the ITAT's decision and directed a reconsideration of the respondent's appeal in favor of the Revenue. The parties were instructed to appear before the ITAT for further proceedings. en-us Wed, 07 Feb 2018 00:00:00 +0530 Thu, 12 Dec 2019 10:40:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284809 The High Court held that the Income Tax Appellate Tribunal (ITAT) erred in deeming the re-assessment notice and proceedings under Section 147 of the Income Tax Act, 1961 as invalid. The Court found that the re-assessment was based on fresh material obtained during a search operation, constituting "tangible material" not available during the original assessment. As the original assessment was not completed under Section 143(3) of the Act, the Court set aside the ITAT's decision and directed a reconsideration of the respondent's appeal in favor of the Revenue. The parties were instructed to appear before the ITAT for further proceedings. Case-Laws Income Tax Wed, 07 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284809