https://www.taxtmi.com/caselaws?id=389797 The appeal was allowed, and the reassessment proceedings under Section 147 were set aside because the Assessing Officer (AO) failed to provide specific and tangible reasons for reopening the assessment. The tribunal found that the AO did not establish a clear nexus between the information and the assessee, leading to the conclusion that the basic requirement for assuming jurisdiction under Section 147 was not met. Consequently, the grounds on merits regarding the addition of Rs. 1.10 Crores under Section 68 were dismissed as infructuous. en-us Fri, 06 Dec 2019 00:00:00 +0530 Tue, 17 Dec 2019 15:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389797 The appeal was allowed, and the reassessment proceedings under Section 147 were set aside because the Assessing Officer (AO) failed to provide specific and tangible reasons for reopening the assessment. The tribunal found that the AO did not establish a clear nexus between the information and the assessee, leading to the conclusion that the basic requirement for assuming jurisdiction under Section 147 was not met. Consequently, the grounds on merits regarding the addition of Rs. 1.10 Crores under Section 68 were dismissed as infructuous. Case-Laws Income Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389797