https://www.taxtmi.com/caselaws?id=770326 ITAT Mumbai quashed reassessment proceedings initiated under Section 147 after four years from the relevant assessment year. The AO incorrectly believed no original assessment was completed, but records showed assessment was completed under Section 143(3) on 09/03/2001. The reassessment notice dated 28/02/2005 lacked tangible material and was based on incorrect facts. The tribunal held the reassessment proceedings, notice under Section 148, and assessment order dated 30/03/2006 were unsustainable in law and quashed them entirely. en-us Thu, 27 Mar 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770326 ITAT Mumbai quashed reassessment proceedings initiated under Section 147 after four years from the relevant assessment year. The AO incorrectly believed no original assessment was completed, but records showed assessment was completed under Section 143(3) on 09/03/2001. The reassessment notice dated 28/02/2005 lacked tangible material and was based on incorrect facts. The tribunal held the reassessment proceedings, notice under Section 148, and assessment order dated 30/03/2006 were unsustainable in law and quashed them entirely. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770326