https://www.taxtmi.com/caselaws?id=295517 The tribunal quashed the reassessment proceedings due to invalid assumptions of jurisdiction and reasons to believe under sections 147/148 of the Income Tax Act, 1961. Relying on a precedent from the Hon'ble Gujarat High Court, the tribunal found that the Assessing Officer's grounds for reopening the assessment were insufficient, emphasizing the need for concrete belief based on tangible material. Consequently, the additions made and interest liability under sections 234B/234C were not addressed on their merits, as the reassessment was deemed invalid. The appeal by the assessee was allowed. en-us Mon, 25 Nov 2019 00:00:00 +0530 Tue, 08 Jun 2021 09:09:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295517 The tribunal quashed the reassessment proceedings due to invalid assumptions of jurisdiction and reasons to believe under sections 147/148 of the Income Tax Act, 1961. Relying on a precedent from the Hon'ble Gujarat High Court, the tribunal found that the Assessing Officer's grounds for reopening the assessment were insufficient, emphasizing the need for concrete belief based on tangible material. Consequently, the additions made and interest liability under sections 234B/234C were not addressed on their merits, as the reassessment was deemed invalid. The appeal by the assessee was allowed. Case-Laws Income Tax Mon, 25 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295517