https://www.taxtmi.com/caselaws?id=445054 ITAT Raipur held that reopening of assessment under section 147 was invalid as the AO lacked tangible material to form bonafide belief that income escaped assessment. The AO initiated proceedings for fishing inquiries without evidence of unaccounted cash purchases through the alleged party. Additionally, the assessment was struck down for absence of valid notice under section 143(2), which is foundational for valid assessment orders. The tribunal concurred with CIT(Appeals) that jurisdiction under section 147 was assumed without legal basis. Assessee's appeal was allowed. en-us Fri, 27 Oct 2023 00:00:00 +0530 Mon, 30 Oct 2023 08:50:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445054 ITAT Raipur held that reopening of assessment under section 147 was invalid as the AO lacked tangible material to form bonafide belief that income escaped assessment. The AO initiated proceedings for fishing inquiries without evidence of unaccounted cash purchases through the alleged party. Additionally, the assessment was struck down for absence of valid notice under section 143(2), which is foundational for valid assessment orders. The tribunal concurred with CIT(Appeals) that jurisdiction under section 147 was assumed without legal basis. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445054