https://www.taxtmi.com/caselaws?id=751165 ITAT Delhi upheld CIT(A)'s decision quashing reassessment proceedings under section 147. The court ruled that reopening assessment based solely on reappraisal of Form 26AS, which was available during original assessment under section 143(1), was invalid. ITAT emphasized that tangible material with live nexus to escaped income is prerequisite for reopening assessment. Since no fresh information or material emerged after original assessment completion, and reopening was triggered only by re-verification of existing Form 26AS, the reassessment proceedings lacked valid foundation. Revenue's grounds were dismissed. en-us Thu, 04 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 08:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751165 ITAT Delhi upheld CIT(A)'s decision quashing reassessment proceedings under section 147. The court ruled that reopening assessment based solely on reappraisal of Form 26AS, which was available during original assessment under section 143(1), was invalid. ITAT emphasized that tangible material with live nexus to escaped income is prerequisite for reopening assessment. Since no fresh information or material emerged after original assessment completion, and reopening was triggered only by re-verification of existing Form 26AS, the reassessment proceedings lacked valid foundation. Revenue's grounds were dismissed. Case-Laws Income Tax Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751165