https://www.taxtmi.com/caselaws?id=439718 The Court held that the Assessing Officer lacked jurisdiction to reopen the assessment for the Assessment Year 2015-16 as there was insufficient tangible material indicating income had escaped assessment. The notice and order for reassessment were quashed, with directions for the Commissioner of Income Tax (Appeals) to promptly decide the appeal. The decision underscored the necessity of full and true disclosure of material facts for assessment purposes, emphasizing that reopening assessments must be based on the failure to disclose all material facts. en-us Tue, 27 Jun 2023 00:00:00 +0530 Thu, 29 Jun 2023 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439718 The Court held that the Assessing Officer lacked jurisdiction to reopen the assessment for the Assessment Year 2015-16 as there was insufficient tangible material indicating income had escaped assessment. The notice and order for reassessment were quashed, with directions for the Commissioner of Income Tax (Appeals) to promptly decide the appeal. The decision underscored the necessity of full and true disclosure of material facts for assessment purposes, emphasizing that reopening assessments must be based on the failure to disclose all material facts. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439718