https://www.taxtmi.com/caselaws?id=287943 The Tribunal held that the reopening of assessment for the assessment year 2007-08, based on an audit objection, was not justified as the Assessing Officer did not have a valid reason to believe that income had escaped assessment. Despite initially considering the audit objection, the Assessing Officer later found no escapement of income and requested the objection to be dropped. Subsequently issuing a notice to reopen the assessment without new material was deemed unjustified. The Tribunal quashed the assessment order, dismissing the Revenue's appeal and allowing the assessee's cross-objection. en-us Thu, 10 Aug 2017 00:00:00 +0530 Tue, 12 May 2020 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287943 The Tribunal held that the reopening of assessment for the assessment year 2007-08, based on an audit objection, was not justified as the Assessing Officer did not have a valid reason to believe that income had escaped assessment. Despite initially considering the audit objection, the Assessing Officer later found no escapement of income and requested the objection to be dropped. Subsequently issuing a notice to reopen the assessment without new material was deemed unjustified. The Tribunal quashed the assessment order, dismissing the Revenue's appeal and allowing the assessee's cross-objection. Case-Laws Income Tax Thu, 10 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287943