https://www.taxtmi.com/caselaws?id=312180 The HC dismissed the revenue's appeal, affirming the tribunal's decision that the assessing officer's reopening of the assessment was unjustified. The court found that the officer's conclusion of income escapement lacked substantial evidence and was based on incorrect presumptions. The CIT(A) and tribunal criticized the officer for failing to provide concrete evidence linking the assessee to the alleged transactions. The HC agreed that the legal requirement for a valid reason to believe in income escapement was not met, thus rendering the reassessment proceedings under Section 147 of the Income Tax Act, 1961 invalid. en-us Fri, 29 Jul 2022 00:00:00 +0530 Tue, 06 Feb 2024 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312180 The HC dismissed the revenue's appeal, affirming the tribunal's decision that the assessing officer's reopening of the assessment was unjustified. The court found that the officer's conclusion of income escapement lacked substantial evidence and was based on incorrect presumptions. The CIT(A) and tribunal criticized the officer for failing to provide concrete evidence linking the assessee to the alleged transactions. The HC agreed that the legal requirement for a valid reason to believe in income escapement was not met, thus rendering the reassessment proceedings under Section 147 of the Income Tax Act, 1961 invalid. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312180