https://www.taxtmi.com/highlights?id=89160 HC held that the Assessment Order u/s 147 was void ab initio as the Assessing Officer (AO) lacked tangible material to form a valid belief of income escapement. The AO failed to provide specific details or undertake additional enquiries beyond the original assessment proceedings. The ITAT affirmed that the assessee had fully disclosed material facts, including share applicants' details, PAN, and ITRs, demonstrating creditworthiness. Consequently, the reassessment notice was quashed, and the order was decided in favor of the assessee, emphasizing the need for concrete evidence to initiate reassessment proceedings. en-us Fri, 06 Jun 2025 08:30:45 +0530 Fri, 06 Jun 2025 08:30:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89160 HC held that the Assessment Order u/s 147 was void ab initio as the Assessing Officer (AO) lacked tangible material to form a valid belief of income escapement. The AO failed to provide specific details or undertake additional enquiries beyond the original assessment proceedings. The ITAT affirmed that the assessee had fully disclosed material facts, including share applicants' details, PAN, and ITRs, demonstrating creditworthiness. Consequently, the reassessment notice was quashed, and the order was decided in favor of the assessee, emphasizing the need for concrete evidence to initiate reassessment proceedings. Highlights Income Tax Fri, 06 Jun 2025 08:30:45 +0530 https://www.taxtmi.com/highlights?id=89160