https://www.taxtmi.com/caselaws?id=418887 The Tribunal found the reasons recorded for reopening the assessment to be inadequate and lacking specificity. It held that the belief for income escapement must be genuine and supported by relevant material. The Tribunal concluded that the notice issued under section 148 was not legally valid due to the lack of tangible material supporting the income escapement claim. As a result, the Tribunal allowed the cross-objection of the assessee and dismissed the appeal of the Revenue, emphasizing the importance of meeting legal standards when reopening assessments. en-us Thu, 17 Feb 2022 00:00:00 +0530 Mon, 13 Jun 2022 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418887 The Tribunal found the reasons recorded for reopening the assessment to be inadequate and lacking specificity. It held that the belief for income escapement must be genuine and supported by relevant material. The Tribunal concluded that the notice issued under section 148 was not legally valid due to the lack of tangible material supporting the income escapement claim. As a result, the Tribunal allowed the cross-objection of the assessee and dismissed the appeal of the Revenue, emphasizing the importance of meeting legal standards when reopening assessments. Case-Laws Income Tax Thu, 17 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418887