https://www.taxtmi.com/caselaws?id=306574 The Tribunal found that the reopening of assessments for the assessment year 2002-03 was invalid as there was no valid reason to believe income had escaped assessment. The Tribunal emphasized the necessity of a nexus between the reasons recorded and the assessment made, noting that the assessments could not be reopened beyond four years without the assessee failing to disclose material facts. As a result, the Tribunal set aside the assessments and orders, allowing the appeals and deeming the reopening as legally flawed. The assessees' appeals were successful, and the decision was rendered on 11.08.2014. en-us Mon, 11 Aug 2014 00:00:00 +0530 Thu, 09 Feb 2023 21:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306574 The Tribunal found that the reopening of assessments for the assessment year 2002-03 was invalid as there was no valid reason to believe income had escaped assessment. The Tribunal emphasized the necessity of a nexus between the reasons recorded and the assessment made, noting that the assessments could not be reopened beyond four years without the assessee failing to disclose material facts. As a result, the Tribunal set aside the assessments and orders, allowing the appeals and deeming the reopening as legally flawed. The assessees' appeals were successful, and the decision was rendered on 11.08.2014. Case-Laws Income Tax Mon, 11 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306574