https://www.taxtmi.com/caselaws?id=429231 The Tribunal invalidated the jurisdiction assumed by the Assessing Officer under Section 147 of the Income-tax Act, 1961. The AO's basis for reopening the case and subsequent assessment was found legally incorrect as there was no obligation to apply 85% of gross income for exemption under Section 10(23C)(iiiad) and registration under Section 12A did not affect the assessment. Consequently, the assessment was quashed, and the appeal was allowed due to the lack of valid jurisdiction for reassessment. en-us Mon, 17 Oct 2022 00:00:00 +0530 Wed, 05 Apr 2023 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429231 The Tribunal invalidated the jurisdiction assumed by the Assessing Officer under Section 147 of the Income-tax Act, 1961. The AO's basis for reopening the case and subsequent assessment was found legally incorrect as there was no obligation to apply 85% of gross income for exemption under Section 10(23C)(iiiad) and registration under Section 12A did not affect the assessment. Consequently, the assessment was quashed, and the appeal was allowed due to the lack of valid jurisdiction for reassessment. Case-Laws Income Tax Mon, 17 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429231