https://www.taxtmi.com/caselaws?id=300500 The Tribunal dismissed the Revenue's appeal, confirming the invalidity of reassessment proceedings under Section 147/148, ruling that Section 45(3) was not applicable to the revaluation, and determining that the revaluation profit credited to the partners' accounts was not taxable. The CIT(A)'s decision was upheld, and the additions by the AO were deleted. en-us Wed, 15 Mar 2017 00:00:00 +0530 Mon, 07 Feb 2022 21:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300500 The Tribunal dismissed the Revenue's appeal, confirming the invalidity of reassessment proceedings under Section 147/148, ruling that Section 45(3) was not applicable to the revaluation, and determining that the revaluation profit credited to the partners' accounts was not taxable. The CIT(A)'s decision was upheld, and the additions by the AO were deleted. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300500