https://www.taxtmi.com/caselaws?id=420197 The Tribunal ruled in favor of the assessee, holding that the reassessment order was invalid and quashing it. The reassessment was found to lack justification under Section 147, as no new material facts emerged to warrant income escapement. The Tribunal emphasized that the reassessment notice was issued after the prescribed time limit, rendering it void ab initio. Consequently, the Tribunal invalidated the assessment order, addressing issues related to taxability of royalty, credit for taxes deducted at source, disallowance of tax credits, and interest and penalty proceedings. en-us Fri, 11 Mar 2022 00:00:00 +0530 Mon, 28 Mar 2022 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420197 The Tribunal ruled in favor of the assessee, holding that the reassessment order was invalid and quashing it. The reassessment was found to lack justification under Section 147, as no new material facts emerged to warrant income escapement. The Tribunal emphasized that the reassessment notice was issued after the prescribed time limit, rendering it void ab initio. Consequently, the Tribunal invalidated the assessment order, addressing issues related to taxability of royalty, credit for taxes deducted at source, disallowance of tax credits, and interest and penalty proceedings. Case-Laws Income Tax Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420197