https://www.taxtmi.com/caselaws?id=308216 The Tribunal allowed the assessee's appeal, dismissing the revenue's appeal as infructuous. The reassessment order was canceled as no additions were made on the grounds for which the reassessment notice was issued, in line with the interpretation of Explanation 3 to section 147 by the Bombay High Court. The decision highlights the importance of validly reopening a closed assessment to proceed with reassessment under the Income Tax Act. en-us Tue, 06 Dec 2016 00:00:00 +0530 Wed, 07 Jun 2023 21:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308216 The Tribunal allowed the assessee's appeal, dismissing the revenue's appeal as infructuous. The reassessment order was canceled as no additions were made on the grounds for which the reassessment notice was issued, in line with the interpretation of Explanation 3 to section 147 by the Bombay High Court. The decision highlights the importance of validly reopening a closed assessment to proceed with reassessment under the Income Tax Act. Case-Laws Income Tax Tue, 06 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308216