https://www.taxtmi.com/caselaws?id=431298 The Tribunal allowed the appeal by the assessee, holding that the reassessment proceedings initiated under section 147 were invalid due to the absence of tangible material. The Tribunal emphasized the necessity of tangible material for reopening assessments and concluded that the proceedings lacked the required jurisdictional condition of "reason to believe." Consequently, the appeal by the Revenue was dismissed, and the appeal by the assessee was partly allowed, rendering other grounds raised in the cross appeals academic and infructuous. en-us Mon, 27 Jun 2022 00:00:00 +0530 Sat, 10 Dec 2022 11:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431298 The Tribunal allowed the appeal by the assessee, holding that the reassessment proceedings initiated under section 147 were invalid due to the absence of tangible material. The Tribunal emphasized the necessity of tangible material for reopening assessments and concluded that the proceedings lacked the required jurisdictional condition of "reason to believe." Consequently, the appeal by the Revenue was dismissed, and the appeal by the assessee was partly allowed, rendering other grounds raised in the cross appeals academic and infructuous. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431298