https://www.taxtmi.com/caselaws?id=311841 The HC quashed the reopening of the assessment for the assessment year 1999-2000 under Section 147 of the Income Tax Act, 1961. The court found that the reopening, based on a partner's statement recorded during a survey under Section 133A, lacked tangible new material and evidentiary value. Additionally, although prior sanction under Section 151 was obtained, the court deemed the reopening proceedings illegal due to insufficient justification and a lack of substantial variation in the disclosed construction costs. The court ruled in favor of the petitioner, declaring the reopening without jurisdiction. en-us Tue, 09 Jan 2018 00:00:00 +0530 Tue, 16 Jan 2024 21:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311841 The HC quashed the reopening of the assessment for the assessment year 1999-2000 under Section 147 of the Income Tax Act, 1961. The court found that the reopening, based on a partner's statement recorded during a survey under Section 133A, lacked tangible new material and evidentiary value. Additionally, although prior sanction under Section 151 was obtained, the court deemed the reopening proceedings illegal due to insufficient justification and a lack of substantial variation in the disclosed construction costs. The court ruled in favor of the petitioner, declaring the reopening without jurisdiction. Case-Laws Income Tax Tue, 09 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311841