https://www.taxtmi.com/caselaws?id=441655 The court quashed the reassessment notice and order under Section 147 of the Income Tax Act due to insufficient reasons to believe in income escapement. The lack of concrete evidence and specific details rendered the reassessment invalid, leading to the success of the assessee's appeal challenging the assumption of jurisdiction. Other grounds of appeal were not addressed as the court focused on the inadequacy of the reasons provided for reopening the assessment, emphasizing the necessity of credible and relevant material to support income escapement beliefs. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 11 Aug 2023 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441655 The court quashed the reassessment notice and order under Section 147 of the Income Tax Act due to insufficient reasons to believe in income escapement. The lack of concrete evidence and specific details rendered the reassessment invalid, leading to the success of the assessee's appeal challenging the assumption of jurisdiction. Other grounds of appeal were not addressed as the court focused on the inadequacy of the reasons provided for reopening the assessment, emphasizing the necessity of credible and relevant material to support income escapement beliefs. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441655