https://www.taxtmi.com/caselaws?id=422626 The Appellate Tribunal ITAT Mumbai quashed the reassessment proceedings in favor of the assessee, a partnership firm engaged in real estate development, for the assessment year 2010-11. The Tribunal found the reassessment to be invalid, noting the assessing officer's incorrect assumption of cost-sharing based on revenue-sharing arrangements. The Tribunal dismissed the revenue's appeal and allowed the assessee's appeal, emphasizing the legal and jurisdictional issues surrounding the reassessment process. The decision was pronounced on May 4, 2022, highlighting the flaws in the reassessment and upholding the assessee's challenge. en-us Wed, 04 May 2022 00:00:00 +0530 Thu, 19 May 2022 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422626 The Appellate Tribunal ITAT Mumbai quashed the reassessment proceedings in favor of the assessee, a partnership firm engaged in real estate development, for the assessment year 2010-11. The Tribunal found the reassessment to be invalid, noting the assessing officer's incorrect assumption of cost-sharing based on revenue-sharing arrangements. The Tribunal dismissed the revenue's appeal and allowed the assessee's appeal, emphasizing the legal and jurisdictional issues surrounding the reassessment process. The decision was pronounced on May 4, 2022, highlighting the flaws in the reassessment and upholding the assessee's challenge. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422626