https://www.taxtmi.com/caselaws?id=391072 The tribunal held that the re-opening of the assessment under Section 147 of the Income Tax Act, 1961 for the Assessment Year 2008-09 was not valid as the reasons recorded did not mention the failure of the assessee to disclose all material facts necessary for assessment. The tribunal emphasized that the re-opening was based on the same material without any new tangible evidence. Consequently, the reassessment was quashed, the assessee's appeal was allowed, and the Revenue's appeal was dismissed. The case highlights the significance of complying with the legal requirements for re-opening assessments under Section 147. en-us Wed, 15 Jan 2020 00:00:00 +0530 Thu, 16 Jan 2020 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391072 The tribunal held that the re-opening of the assessment under Section 147 of the Income Tax Act, 1961 for the Assessment Year 2008-09 was not valid as the reasons recorded did not mention the failure of the assessee to disclose all material facts necessary for assessment. The tribunal emphasized that the re-opening was based on the same material without any new tangible evidence. Consequently, the reassessment was quashed, the assessee's appeal was allowed, and the Revenue's appeal was dismissed. The case highlights the significance of complying with the legal requirements for re-opening assessments under Section 147. Case-Laws Income Tax Wed, 15 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391072