https://www.taxtmi.com/caselaws?id=416056 The tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection, quashing the reopening of the assessment. The tribunal held that the AO lacked valid "reason to believe" that income had escaped assessment, emphasizing the need for concrete evidence. The decision was based on the insufficiency of material to support the reopening, highlighting the distinction between "reason to believe" and "reason to suspect." The order was issued on 17th December 2021. en-us Fri, 17 Dec 2021 00:00:00 +0530 Mon, 20 Dec 2021 09:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416056 The tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection, quashing the reopening of the assessment. The tribunal held that the AO lacked valid "reason to believe" that income had escaped assessment, emphasizing the need for concrete evidence. The decision was based on the insufficiency of material to support the reopening, highlighting the distinction between "reason to believe" and "reason to suspect." The order was issued on 17th December 2021. Case-Laws Income Tax Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416056