https://www.taxtmi.com/caselaws?id=427716 The High Court allowed the revenue's appeal, setting aside the Tribunal's order and restoring the CIT(A)'s decision. It held that the reassessment under Section 147 of the Income Tax Act was valid based on new information regarding the assessee's transactions with shell companies and entry operators. The Court emphasized that the assessing officer only requires prima facie material at the stage of recording reasons for reopening, not conclusive evidence. The decision favored the revenue, highlighting the failure of the Tribunal to consider factual details brought out by the assessing officer and CIT(A). en-us Tue, 13 Sep 2022 00:00:00 +0530 Fri, 11 Aug 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427716 The High Court allowed the revenue's appeal, setting aside the Tribunal's order and restoring the CIT(A)'s decision. It held that the reassessment under Section 147 of the Income Tax Act was valid based on new information regarding the assessee's transactions with shell companies and entry operators. The Court emphasized that the assessing officer only requires prima facie material at the stage of recording reasons for reopening, not conclusive evidence. The decision favored the revenue, highlighting the failure of the Tribunal to consider factual details brought out by the assessing officer and CIT(A). Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427716