https://www.taxtmi.com/caselaws?id=404230 The Tribunal allowed the appeal, quashing the reassessment proceedings under Section 147 and setting aside the assessment order. Emphasizing the need for bona fide reasons supported by relevant material, the Tribunal invalidated the proceedings due to suspicion and vague reasons. The Tribunal held the notice under Section 148 invalid, as the reasons were based on suspicion rather than concrete evidence. The Tribunal's decision highlighted the importance of a valid foundation for reassessment actions. en-us Fri, 12 Feb 2021 00:00:00 +0530 Fri, 19 Feb 2021 10:36:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404230 The Tribunal allowed the appeal, quashing the reassessment proceedings under Section 147 and setting aside the assessment order. Emphasizing the need for bona fide reasons supported by relevant material, the Tribunal invalidated the proceedings due to suspicion and vague reasons. The Tribunal held the notice under Section 148 invalid, as the reasons were based on suspicion rather than concrete evidence. The Tribunal's decision highlighted the importance of a valid foundation for reassessment actions. Case-Laws Income Tax Fri, 12 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404230