https://www.taxtmi.com/caselaws?id=391115 The Tribunal held that the Assessing Officer's reasons for reopening the assessment under Section 147 of the Income-tax Act were vague and lacked specific details linking the alleged income escapement to the assessee. The reliance on survey statements and third-party statements without independent verification was deemed unjustified. Additionally, the reclassification of income from commodity transactions lacked proper basis. As a result, the reassessment order was quashed, and all appeals of the assessee were allowed. en-us Fri, 17 Jan 2020 00:00:00 +0530 Mon, 20 Jan 2020 09:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391115 The Tribunal held that the Assessing Officer's reasons for reopening the assessment under Section 147 of the Income-tax Act were vague and lacked specific details linking the alleged income escapement to the assessee. The reliance on survey statements and third-party statements without independent verification was deemed unjustified. Additionally, the reclassification of income from commodity transactions lacked proper basis. As a result, the reassessment order was quashed, and all appeals of the assessee were allowed. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391115