https://www.taxtmi.com/caselaws?id=425529 The Tribunal allowed the appeal, finding the reassessment proceedings invalid under Section 147 of the Income Tax Act, 1961. The Tribunal held that the AO lacked independent verification before reopening the case based on information from the Investigation Wing. As a result, the assessment was deemed void ab initio, and the Tribunal refrained from addressing the specific additions made to the assessee's income. The decision emphasizes the importance of the AO's independent assessment when initiating reassessment proceedings. en-us Thu, 21 Jul 2022 00:00:00 +0530 Tue, 26 Jul 2022 09:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425529 The Tribunal allowed the appeal, finding the reassessment proceedings invalid under Section 147 of the Income Tax Act, 1961. The Tribunal held that the AO lacked independent verification before reopening the case based on information from the Investigation Wing. As a result, the assessment was deemed void ab initio, and the Tribunal refrained from addressing the specific additions made to the assessee's income. The decision emphasizes the importance of the AO's independent assessment when initiating reassessment proceedings. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425529