https://www.taxtmi.com/caselaws?id=420778 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the Revenue's appeal. It emphasized the necessity of sufficient reasons for reopening assessments and providing the assessee with an opportunity to contest such actions. The Tribunal found that the reasons provided for reopening the assessment were insufficient to establish income escapement, and the Assessing Officer failed to correlate bank transactions with the assessee's accounts. Additionally, the reopening was done on the last day of the limitation period without granting the assessee a chance to contest, violating principles of natural justice. en-us Thu, 31 Mar 2022 00:00:00 +0530 Sat, 09 Apr 2022 07:55:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420778 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the Revenue's appeal. It emphasized the necessity of sufficient reasons for reopening assessments and providing the assessee with an opportunity to contest such actions. The Tribunal found that the reasons provided for reopening the assessment were insufficient to establish income escapement, and the Assessing Officer failed to correlate bank transactions with the assessee's accounts. Additionally, the reopening was done on the last day of the limitation period without granting the assessee a chance to contest, violating principles of natural justice. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420778