https://www.taxtmi.com/caselaws?id=429594 The Tribunal set aside the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, as they were found to be invalid due to non-compliance with the provisions of Section 149(1)(b). The Tribunal emphasized the necessity for the Assessing Officer to clearly state the amount of income that has escaped assessment. Consequently, the reassessment proceedings and the order passed under Section 143(3) read with Section 147 were annulled. The appeal by the Revenue was dismissed, and the petition by the assessee was granted under Rule 27 of ITAT Rules, 1963. en-us Mon, 31 Oct 2022 00:00:00 +0530 Tue, 01 Nov 2022 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429594 The Tribunal set aside the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, as they were found to be invalid due to non-compliance with the provisions of Section 149(1)(b). The Tribunal emphasized the necessity for the Assessing Officer to clearly state the amount of income that has escaped assessment. Consequently, the reassessment proceedings and the order passed under Section 143(3) read with Section 147 were annulled. The appeal by the Revenue was dismissed, and the petition by the assessee was granted under Rule 27 of ITAT Rules, 1963. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429594