https://www.taxtmi.com/caselaws?id=422066 The Tribunal quashed the notice issued under Sections 147/148 of the Income Tax Act and subsequent orders due to the Assessing Officer's failure to provide new tangible material justifying the reopening of assessment. Emphasizing the requirement of a direct nexus between available material and the belief of escaped income, the Tribunal allowed all four appeals, stressing the need for specific evidence for each assessment year separately. The Tribunal found the AO's actions arbitrary and lacking a reasonable basis, thereby invalidating the entire proceedings. en-us Thu, 03 Feb 2022 00:00:00 +0530 Sat, 07 May 2022 06:37:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422066 The Tribunal quashed the notice issued under Sections 147/148 of the Income Tax Act and subsequent orders due to the Assessing Officer's failure to provide new tangible material justifying the reopening of assessment. Emphasizing the requirement of a direct nexus between available material and the belief of escaped income, the Tribunal allowed all four appeals, stressing the need for specific evidence for each assessment year separately. The Tribunal found the AO's actions arbitrary and lacking a reasonable basis, thereby invalidating the entire proceedings. Case-Laws Income Tax Thu, 03 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422066