https://www.taxtmi.com/caselaws?id=434879 The tribunal ruled in favor of the assessee, finding the reopening of assessment under section 147 of the Income Tax Act, 1961 to be invalid. It held that there was a lack of sufficient grounds establishing a nexus between the information possessed by the Assessing Officer and the belief of income escapement, rendering the jurisdiction assumed under section 147 invalid. The assessment order was set aside, emphasizing the necessity for a logical basis and proper justification for reopening assessments under the Act. en-us Fri, 03 Mar 2023 00:00:00 +0530 Mon, 06 Mar 2023 11:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434879 The tribunal ruled in favor of the assessee, finding the reopening of assessment under section 147 of the Income Tax Act, 1961 to be invalid. It held that there was a lack of sufficient grounds establishing a nexus between the information possessed by the Assessing Officer and the belief of income escapement, rendering the jurisdiction assumed under section 147 invalid. The assessment order was set aside, emphasizing the necessity for a logical basis and proper justification for reopening assessments under the Act. Case-Laws Income Tax Fri, 03 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434879