https://www.taxtmi.com/caselaws?id=306958 The Tribunal upheld the decision of the First Appellate Authority, ruling that the reassessment order under section 147 of the Income Tax Act was invalid as it was reopened solely for verification purposes without tangible evidence of income escapement. The Tribunal emphasized the necessity for concrete material indicating income evasion to justify reopening assessments, dismissing the Revenue's appeal due to the lack of substantive grounds for income escapement as required by law. en-us Mon, 06 Jun 2016 00:00:00 +0530 Fri, 10 Mar 2023 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306958 The Tribunal upheld the decision of the First Appellate Authority, ruling that the reassessment order under section 147 of the Income Tax Act was invalid as it was reopened solely for verification purposes without tangible evidence of income escapement. The Tribunal emphasized the necessity for concrete material indicating income evasion to justify reopening assessments, dismissing the Revenue's appeal due to the lack of substantive grounds for income escapement as required by law. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306958