https://www.taxtmi.com/caselaws?id=289950 The Court dismissed the Revenue Department's appeal and allowed the Cross Objection by the assessee. It emphasized the importance of reasons recorded in reopening assessment proceedings under section 147 of the Income Tax Act, 1961. The Court found the reasons for reopening lacking independent belief and substantive reasoning, leading to the deletion of the entire addition made by the Assessing Officer. The judgment highlighted the necessity for relevant material and proper reasoning in reassessment proceedings. en-us Thu, 21 Jun 2018 00:00:00 +0530 Tue, 01 Sep 2020 10:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289950 The Court dismissed the Revenue Department's appeal and allowed the Cross Objection by the assessee. It emphasized the importance of reasons recorded in reopening assessment proceedings under section 147 of the Income Tax Act, 1961. The Court found the reasons for reopening lacking independent belief and substantive reasoning, leading to the deletion of the entire addition made by the Assessing Officer. The judgment highlighted the necessity for relevant material and proper reasoning in reassessment proceedings. Case-Laws Income Tax Thu, 21 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289950