https://www.taxtmi.com/caselaws?id=403008 The Tribunal held that the reassessment proceedings under Section 147/148 of the Income Tax Act were not maintainable as they did not meet statutory requirements. The absence of an allegation of failure by the assessee to disclose material facts necessary for the assessment year rendered the proceedings invalid. Consequently, the reassessment was quashed, and both the Revenue's appeal and the assessee's cross-objection were dismissed. en-us Wed, 16 Dec 2020 00:00:00 +0530 Mon, 18 Jan 2021 13:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403008 The Tribunal held that the reassessment proceedings under Section 147/148 of the Income Tax Act were not maintainable as they did not meet statutory requirements. The absence of an allegation of failure by the assessee to disclose material facts necessary for the assessment year rendered the proceedings invalid. Consequently, the reassessment was quashed, and both the Revenue's appeal and the assessee's cross-objection were dismissed. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403008