https://www.taxtmi.com/caselaws?id=30208 The Court dismissed the Revenue's appeal regarding the validity of a reassessment notice under Section 147/148 of the Income Tax Act, 1961 for the Assessment Year 1994-1995. The Court held that reassessment proceedings cannot be initiated until pending assessment proceedings are concluded. It emphasized that the Assessing Officer could not assume income had escaped assessment while a valid return was pending and that reassessment cannot be based on assumptions without completing the assessment process. The Court upheld the Tribunal's decision, finding no substantial question of law and highlighting the importance of due process in assessment and reassessment procedures. en-us Tue, 20 Feb 2007 00:00:00 +0530 Mon, 18 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30208 The Court dismissed the Revenue's appeal regarding the validity of a reassessment notice under Section 147/148 of the Income Tax Act, 1961 for the Assessment Year 1994-1995. The Court held that reassessment proceedings cannot be initiated until pending assessment proceedings are concluded. It emphasized that the Assessing Officer could not assume income had escaped assessment while a valid return was pending and that reassessment cannot be based on assumptions without completing the assessment process. The Court upheld the Tribunal's decision, finding no substantial question of law and highlighting the importance of due process in assessment and reassessment procedures. Case-Laws Income Tax Tue, 20 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30208