https://www.taxtmi.com/caselaws?id=297492 The court set aside the Tribunal's order regarding the validity of reassessment proceedings under Section 148/147 of the Income Tax Act, remitting the matter back for reconsideration. The court emphasized adherence to legal precedents, particularly the principle that the assessing officer must first assess the income believed to have escaped assessment before considering other incomes. The Tribunal's adhoc addition in respect of unsecured loans was criticized for lacking basis and not adequately verified. The appeals were allowed for a fresh decision by the Tribunal, stressing the need for cogent reasoning and compliance with legal precedents. en-us Tue, 17 Apr 2018 00:00:00 +0530 Mon, 06 Sep 2021 22:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297492 The court set aside the Tribunal's order regarding the validity of reassessment proceedings under Section 148/147 of the Income Tax Act, remitting the matter back for reconsideration. The court emphasized adherence to legal precedents, particularly the principle that the assessing officer must first assess the income believed to have escaped assessment before considering other incomes. The Tribunal's adhoc addition in respect of unsecured loans was criticized for lacking basis and not adequately verified. The appeals were allowed for a fresh decision by the Tribunal, stressing the need for cogent reasoning and compliance with legal precedents. Case-Laws Income Tax Tue, 17 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297492