https://www.taxtmi.com/caselaws?id=436037 The Tribunal ruled in favor of the assessee, finding that the notice issued under section 148 of the Income Tax Act was invalid as it did not meet the requirements for jurisdiction under sections 147/148. The Tribunal also held that the Assessing Officer's reopening of the case beyond the prescribed period lacked necessary ingredients and was deemed illegal. Additionally, the Tribunal determined that the assessment based on an audit objection and the treatment of capital gains and valuation of assets were not justified under the law. The Tribunal partially allowed the appeal due to various illegalities in the proceedings initiated by the AO. en-us Fri, 31 Mar 2023 00:00:00 +0530 Mon, 03 Apr 2023 08:28:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436037 The Tribunal ruled in favor of the assessee, finding that the notice issued under section 148 of the Income Tax Act was invalid as it did not meet the requirements for jurisdiction under sections 147/148. The Tribunal also held that the Assessing Officer's reopening of the case beyond the prescribed period lacked necessary ingredients and was deemed illegal. Additionally, the Tribunal determined that the assessment based on an audit objection and the treatment of capital gains and valuation of assets were not justified under the law. The Tribunal partially allowed the appeal due to various illegalities in the proceedings initiated by the AO. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436037