https://www.taxtmi.com/caselaws?id=433026 The reassessment proceedings under Section 147 of the Income Tax Act were deemed illegal and bad in law as the Assessing Officer lacked tangible material for initiating reassessment. Additionally, the applicability of Section 43B regarding unpaid liabilities and accrued interest was highlighted, leading to the AO's assessment order being considered erroneous. Procedural lapses in the reassessment process, including a violation of natural justice principles, rendered the reassessment proceedings void ab initio. Consequently, the appeal of the assessee was allowed, and the revision order passed by the CIT(E) under Section 263 was quashed. en-us Tue, 17 Jan 2023 00:00:00 +0530 Thu, 19 Jan 2023 08:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433026 The reassessment proceedings under Section 147 of the Income Tax Act were deemed illegal and bad in law as the Assessing Officer lacked tangible material for initiating reassessment. Additionally, the applicability of Section 43B regarding unpaid liabilities and accrued interest was highlighted, leading to the AO's assessment order being considered erroneous. Procedural lapses in the reassessment process, including a violation of natural justice principles, rendered the reassessment proceedings void ab initio. Consequently, the appeal of the assessee was allowed, and the revision order passed by the CIT(E) under Section 263 was quashed. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433026