https://www.taxtmi.com/caselaws?id=307439 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision and dismissed the revenue's appeal challenging the validity of the reassessment under section 147 of the Income-tax Act, 1961 for Assessment Year 2005-06. The Tribunal emphasized that for a reassessment after four years from the original assessment, both conditions of the Assessing Officer having a reason to believe income escaped assessment and the assessee's failure to disclose material facts must be met. As all relevant facts were disclosed during the original assessment, the AO lacked jurisdiction to reopen the assessment. en-us Wed, 20 Dec 2017 00:00:00 +0530 Fri, 14 Apr 2023 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307439 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision and dismissed the revenue's appeal challenging the validity of the reassessment under section 147 of the Income-tax Act, 1961 for Assessment Year 2005-06. The Tribunal emphasized that for a reassessment after four years from the original assessment, both conditions of the Assessing Officer having a reason to believe income escaped assessment and the assessee's failure to disclose material facts must be met. As all relevant facts were disclosed during the original assessment, the AO lacked jurisdiction to reopen the assessment. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307439