https://www.taxtmi.com/caselaws?id=441459 The Tribunal allowed the appeal of the assessee, quashing the reassessment order. It held that the re-opening of the assessment under section 148 was not sustainable as the Assessing Officer failed to establish any failure by the assessee to fully and truly disclose material facts. The reasons provided for re-opening were deemed insufficient and did not pinpoint any specific non-disclosure leading to income escapement. The Tribunal emphasized the necessity of clear and specific reasons for re-opening assessments, particularly after the statutory period of four years. en-us Tue, 11 Jul 2023 00:00:00 +0530 Wed, 09 Aug 2023 07:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441459 The Tribunal allowed the appeal of the assessee, quashing the reassessment order. It held that the re-opening of the assessment under section 148 was not sustainable as the Assessing Officer failed to establish any failure by the assessee to fully and truly disclose material facts. The reasons provided for re-opening were deemed insufficient and did not pinpoint any specific non-disclosure leading to income escapement. The Tribunal emphasized the necessity of clear and specific reasons for re-opening assessments, particularly after the statutory period of four years. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441459