https://www.taxtmi.com/caselaws?id=416956 The Tribunal quashed the reassessment proceedings for A.Y. 2011-12, ruling that the reopening under Section 148 of the Income Tax Act was not justified. The Tribunal found that the reasons for reopening lacked evidence of the Assessee's failure to disclose material facts, and the AO had not conducted independent verification regarding property ownership or commodity transactions. Consequently, the additions on account of deemed rental income were deemed unjustified, and the reassessment proceedings were held void due to lack of adherence to principles of natural justice and proper notice. The Assessee's appeal was allowed. en-us Mon, 10 Jan 2022 00:00:00 +0530 Wed, 12 Jan 2022 08:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416956 The Tribunal quashed the reassessment proceedings for A.Y. 2011-12, ruling that the reopening under Section 148 of the Income Tax Act was not justified. The Tribunal found that the reasons for reopening lacked evidence of the Assessee's failure to disclose material facts, and the AO had not conducted independent verification regarding property ownership or commodity transactions. Consequently, the additions on account of deemed rental income were deemed unjustified, and the reassessment proceedings were held void due to lack of adherence to principles of natural justice and proper notice. The Assessee's appeal was allowed. Case-Laws Income Tax Mon, 10 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416956