https://www.taxtmi.com/caselaws?id=429892 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under section 147 of the Income Tax Act. It emphasized the necessity of a definite belief of income escapement for reassessment and the importance of clear findings on the allocation of additions to ensure proper enforcement of tax liability. The Tribunal highlighted that reassessment cannot be based solely on suspicion and must meet legal requirements. The decision provides clarity on the invalidity of reassessment initiated without a valid belief of income escapement and the need for precise allocation of additions for tax liability enforcement. en-us Fri, 04 Nov 2022 00:00:00 +0530 Mon, 07 Nov 2022 09:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429892 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under section 147 of the Income Tax Act. It emphasized the necessity of a definite belief of income escapement for reassessment and the importance of clear findings on the allocation of additions to ensure proper enforcement of tax liability. The Tribunal highlighted that reassessment cannot be based solely on suspicion and must meet legal requirements. The decision provides clarity on the invalidity of reassessment initiated without a valid belief of income escapement and the need for precise allocation of additions for tax liability enforcement. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429892