https://www.taxtmi.com/caselaws?id=287621 The appeal was dismissed by the ITAT Chandigarh, upholding the deletion of the addition of the assessee's share of profit from the sale of property. The decision emphasized the necessity of concrete reasons and tangible material to support the re-opening of assessments, following the precedent set in a co-owner's case where the reassessment was quashed due to arbitrary reasons. The judgment highlighted the importance of valid justifications in assessment proceedings, ensuring fairness and factual basis in assessments conducted under the Income Tax Act. en-us Fri, 17 Nov 2017 00:00:00 +0530 Thu, 23 Apr 2020 10:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287621 The appeal was dismissed by the ITAT Chandigarh, upholding the deletion of the addition of the assessee's share of profit from the sale of property. The decision emphasized the necessity of concrete reasons and tangible material to support the re-opening of assessments, following the precedent set in a co-owner's case where the reassessment was quashed due to arbitrary reasons. The judgment highlighted the importance of valid justifications in assessment proceedings, ensuring fairness and factual basis in assessments conducted under the Income Tax Act. Case-Laws Income Tax Fri, 17 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287621