https://www.taxtmi.com/caselaws?id=31553 The HC dismissed revenue's appeal, upholding the tribunal's decision that reassessment proceedings under sections 148/147 were invalid. The tribunal correctly held that proceedings were initiated on non-existing facts since the assessee successfully explained the income which the AO believed had escaped assessment. The court confirmed that reassessment proceedings based on non-existing facts are not valid, thereby quashing the AO's action. en-us Tue, 20 May 2008 00:00:00 +0530 Wed, 14 May 2025 12:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31553 The HC dismissed revenue's appeal, upholding the tribunal's decision that reassessment proceedings under sections 148/147 were invalid. The tribunal correctly held that proceedings were initiated on non-existing facts since the assessee successfully explained the income which the AO believed had escaped assessment. The court confirmed that reassessment proceedings based on non-existing facts are not valid, thereby quashing the AO's action. Case-Laws Income Tax Tue, 20 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31553