https://www.taxtmi.com/caselaws?id=439847 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer's reopening of the assessment under section 147/148 was invalid and void ab initio. The Tribunal found that the AO lacked jurisdiction to issue a notice under section 148 instead of section 153A after a search had been conducted. Additionally, the Tribunal determined that the AO did not possess new material to justify the belief that income had escaped assessment and that the additions made based on alleged bogus transactions were not substantiated. The CIT(A)'s estimation of income was also deemed unsustainable. en-us Mon, 03 Apr 2023 00:00:00 +0530 Mon, 03 Jul 2023 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439847 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer's reopening of the assessment under section 147/148 was invalid and void ab initio. The Tribunal found that the AO lacked jurisdiction to issue a notice under section 148 instead of section 153A after a search had been conducted. Additionally, the Tribunal determined that the AO did not possess new material to justify the belief that income had escaped assessment and that the additions made based on alleged bogus transactions were not substantiated. The CIT(A)'s estimation of income was also deemed unsustainable. Case-Laws Income Tax Mon, 03 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439847