https://www.taxtmi.com/caselaws?id=286202 The Tribunal invalidated the reassessment proceedings under Sections 147/148 of the Income Tax Act, finding the reasons recorded by the Assessing Officer to be vague and lacking tangible material. The Tribunal emphasized the necessity for the AO to independently form a belief that income had escaped assessment. Consequently, the addition of Rs. 10,00,000 under Section 68 was not addressed due to the quashing of the reassessment. The Revenue's appeal was dismissed as the tax effect fell below the appeal filing limit. en-us Mon, 04 Jan 2016 00:00:00 +0530 Tue, 03 Mar 2020 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286202 The Tribunal invalidated the reassessment proceedings under Sections 147/148 of the Income Tax Act, finding the reasons recorded by the Assessing Officer to be vague and lacking tangible material. The Tribunal emphasized the necessity for the AO to independently form a belief that income had escaped assessment. Consequently, the addition of Rs. 10,00,000 under Section 68 was not addressed due to the quashing of the reassessment. The Revenue's appeal was dismissed as the tax effect fell below the appeal filing limit. Case-Laws Income Tax Mon, 04 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286202