https://www.taxtmi.com/caselaws?id=424275 The Appellate Tribunal at Kolkata allowed the appeal filed by the assessee, quashing the re-assessment proceedings under section 147 of the Income Tax Act, 1961, due to lack of new material for re-opening. The addition for cessation of liability was dismissed as the re-assessment proceedings were deemed bad in law. The Tribunal emphasized the importance of "reason to believe" for re-assessment, referencing legal precedents like the Ami Ashis Shah case. The appeal was allowed on general grounds, with the Tribunal ruling in favor of the assessee. en-us Wed, 22 Jun 2022 00:00:00 +0530 Fri, 24 Jun 2022 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424275 The Appellate Tribunal at Kolkata allowed the appeal filed by the assessee, quashing the re-assessment proceedings under section 147 of the Income Tax Act, 1961, due to lack of new material for re-opening. The addition for cessation of liability was dismissed as the re-assessment proceedings were deemed bad in law. The Tribunal emphasized the importance of "reason to believe" for re-assessment, referencing legal precedents like the Ami Ashis Shah case. The appeal was allowed on general grounds, with the Tribunal ruling in favor of the assessee. Case-Laws Income Tax Wed, 22 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424275