https://www.taxtmi.com/caselaws?id=407707 The Tribunal invalidated the reopening of assessment proceedings due to lack of approval and "borrowed satisfaction," quashing the notice under Section 148. Assessment proceedings completed without addressing objections were deemed invalid. Incorrect addition of income from property sale was overturned as valuation report for a bank loan cannot determine unaccounted investments. Reliance on a valuation report received after assessment completion was deemed improper. Conversion of reassessment proceedings and misapplication of Section 147 instead of Section 153C rendered the assessment null and void. The Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal and emphasizing procedural compliance and independent decision-making by the AO. en-us Tue, 18 May 2021 00:00:00 +0530 Thu, 05 May 2022 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407707 The Tribunal invalidated the reopening of assessment proceedings due to lack of approval and "borrowed satisfaction," quashing the notice under Section 148. Assessment proceedings completed without addressing objections were deemed invalid. Incorrect addition of income from property sale was overturned as valuation report for a bank loan cannot determine unaccounted investments. Reliance on a valuation report received after assessment completion was deemed improper. Conversion of reassessment proceedings and misapplication of Section 147 instead of Section 153C rendered the assessment null and void. The Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal and emphasizing procedural compliance and independent decision-making by the AO. Case-Laws Income Tax Tue, 18 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407707