https://www.taxtmi.com/caselaws?id=290073 The Tribunal upheld the legality of reopening the assessment under sections 147/148 of the Income Tax Act, as the Assessing Officer had sufficient reason to believe that income had escaped assessment. However, the addition of Rs. 3,38,44,000 to the assessee's income was deleted as it was based on arbitrary estimation without any basis. Both the Revenue's and the assessee's appeals were dismissed, with the Tribunal's decision issued on 17-07-2019. en-us Wed, 17 Jul 2019 00:00:00 +0530 Mon, 07 Sep 2020 19:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290073 The Tribunal upheld the legality of reopening the assessment under sections 147/148 of the Income Tax Act, as the Assessing Officer had sufficient reason to believe that income had escaped assessment. However, the addition of Rs. 3,38,44,000 to the assessee's income was deleted as it was based on arbitrary estimation without any basis. Both the Revenue's and the assessee's appeals were dismissed, with the Tribunal's decision issued on 17-07-2019. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290073