https://www.taxtmi.com/caselaws?id=432102 The Tribunal set aside the initiation of re-assessment proceedings by the Assessing Officer against a real estate agent for the assessment year 2008-09. The Tribunal found that the reasons provided did not establish a valid belief that income had escaped assessment as required by the Income-tax Act. The AO's actions were deemed insufficient to demonstrate suspicion or belief regarding income escapement, leading to the invalidation of the re-assessment initiation. Consequently, the appeal was allowed in favor of the assessee, emphasizing the necessity of a valid belief for re-assessment proceedings under the Act. en-us Mon, 19 Dec 2022 00:00:00 +0530 Wed, 28 Dec 2022 08:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432102 The Tribunal set aside the initiation of re-assessment proceedings by the Assessing Officer against a real estate agent for the assessment year 2008-09. The Tribunal found that the reasons provided did not establish a valid belief that income had escaped assessment as required by the Income-tax Act. The AO's actions were deemed insufficient to demonstrate suspicion or belief regarding income escapement, leading to the invalidation of the re-assessment initiation. Consequently, the appeal was allowed in favor of the assessee, emphasizing the necessity of a valid belief for re-assessment proceedings under the Act. Case-Laws Income Tax Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432102