https://www.taxtmi.com/caselaws?id=430826 The Tribunal allowed all three appeals, declaring the reassessment proceedings for AY 2010-11 invalid. It was held that there was no tangible material to justify the reopening of the assessment, as the AO had accepted the closing stock value for the previous year without adjustment, making it the opening stock for the current year. The Tribunal emphasized that a valid reopening must be based on tangible material to establish income escapement, which was lacking in this case. Consequently, the reassessment proceedings were deemed unjustified and quashed. en-us Mon, 31 Oct 2022 00:00:00 +0530 Tue, 29 Nov 2022 09:14:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430826 The Tribunal allowed all three appeals, declaring the reassessment proceedings for AY 2010-11 invalid. It was held that there was no tangible material to justify the reopening of the assessment, as the AO had accepted the closing stock value for the previous year without adjustment, making it the opening stock for the current year. The Tribunal emphasized that a valid reopening must be based on tangible material to establish income escapement, which was lacking in this case. Consequently, the reassessment proceedings were deemed unjustified and quashed. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430826