https://www.taxtmi.com/caselaws?id=402181 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated based on a notice lacking valid reasons to believe income tax evasion. The Tribunal did not address the merits of the addition made under section 68 due to the quashing of the reassessment. The additional ground raised by the assessee challenging the validity of the notice was admitted and upheld, emphasizing the need for a reasonable basis for initiating reassessment proceedings under section 148 of the Income-tax Act, 1961. en-us Wed, 23 Dec 2020 00:00:00 +0530 Fri, 25 Dec 2020 17:05:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402181 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated based on a notice lacking valid reasons to believe income tax evasion. The Tribunal did not address the merits of the addition made under section 68 due to the quashing of the reassessment. The additional ground raised by the assessee challenging the validity of the notice was admitted and upheld, emphasizing the need for a reasonable basis for initiating reassessment proceedings under section 148 of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402181