https://www.taxtmi.com/caselaws?id=290427 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross objection in a case involving the disallowance of speculation loss against normal business loss and the validity of reopening assessment under Sections 147 and 148 of the Income Tax Act. The Tribunal held that the Revenue lacked jurisdiction to reopen the assessment beyond the four-year period as no failure to disclose material facts was evident and no fresh tangible material had surfaced post the original assessment. As a result, the Tribunal quashed the Ld. AO's order, emphasizing the importance of meeting conditions for reopening assessments and the necessity of tangible material to establish income escapement. en-us Tue, 12 Sep 2017 00:00:00 +0530 Fri, 25 Sep 2020 20:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290427 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross objection in a case involving the disallowance of speculation loss against normal business loss and the validity of reopening assessment under Sections 147 and 148 of the Income Tax Act. The Tribunal held that the Revenue lacked jurisdiction to reopen the assessment beyond the four-year period as no failure to disclose material facts was evident and no fresh tangible material had surfaced post the original assessment. As a result, the Tribunal quashed the Ld. AO's order, emphasizing the importance of meeting conditions for reopening assessments and the necessity of tangible material to establish income escapement. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290427