https://www.taxtmi.com/caselaws?id=296447 The Tribunal annulled the reassessment proceedings for the assessment years 2000-01 and 2001-02, finding the initiation of reassessment under section 147 invalid. The reassessment was annulled as there was no "reason to believe" that income had escaped assessment due to the treatment of Lease Equalization Reserve (LER) not being considered for determining taxable income. The Tribunal held that the LER was merely an accounting entry and did not represent actual income, leading to the dismissal of the revenue's appeals and the allowance of the assessee's appeals. en-us Wed, 09 Feb 2011 00:00:00 +0530 Wed, 21 Jul 2021 17:36:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296447 The Tribunal annulled the reassessment proceedings for the assessment years 2000-01 and 2001-02, finding the initiation of reassessment under section 147 invalid. The reassessment was annulled as there was no "reason to believe" that income had escaped assessment due to the treatment of Lease Equalization Reserve (LER) not being considered for determining taxable income. The Tribunal held that the LER was merely an accounting entry and did not represent actual income, leading to the dismissal of the revenue's appeals and the allowance of the assessee's appeals. Case-Laws Income Tax Wed, 09 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296447