https://www.taxtmi.com/caselaws?id=285638 The Tribunal set aside the reassessment proceedings in the case, allowing the assessee's appeal. It held that the reassessment based on unexplained credits and unexamined trade payables was invalid as all material facts were disclosed during the original assessment, and there was no failure on the part of the assessee to disclose necessary information. Emphasizing the necessity of tangible material for reassessment and the limitations on the AO's power to reopen assessments, the Tribunal concluded that the reassessment was unjustified and not in accordance with legal requirements, highlighting the importance of adhering to established principles in income tax assessments. en-us Thu, 11 Aug 2016 00:00:00 +0530 Mon, 20 Jan 2020 16:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285638 The Tribunal set aside the reassessment proceedings in the case, allowing the assessee's appeal. It held that the reassessment based on unexplained credits and unexamined trade payables was invalid as all material facts were disclosed during the original assessment, and there was no failure on the part of the assessee to disclose necessary information. Emphasizing the necessity of tangible material for reassessment and the limitations on the AO's power to reopen assessments, the Tribunal concluded that the reassessment was unjustified and not in accordance with legal requirements, highlighting the importance of adhering to established principles in income tax assessments. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285638