https://www.taxtmi.com/caselaws?id=305512 The Tribunal held that the reassessment proceedings initiated by the Assessing Officer under section 147 of the Income Tax Act were invalid due to the lack of new or tangible material. The Tribunal found that the reasons for reopening the assessment were not based on any fresh evidence but were merely a review of the return and annexures already filed. As a result, the jurisdictional condition of "reason to believe" was not satisfied, leading to the allowance of the assessee's appeal and the dismissal of the Revenue's appeal. en-us Mon, 27 Jun 2011 00:00:00 +0530 Fri, 09 Dec 2022 10:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305512 The Tribunal held that the reassessment proceedings initiated by the Assessing Officer under section 147 of the Income Tax Act were invalid due to the lack of new or tangible material. The Tribunal found that the reasons for reopening the assessment were not based on any fresh evidence but were merely a review of the return and annexures already filed. As a result, the jurisdictional condition of "reason to believe" was not satisfied, leading to the allowance of the assessee's appeal and the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 27 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305512