https://www.taxtmi.com/caselaws?id=59373 The Tribunal allowed the assessee's appeal, finding the reopening of the assessment under section 147 and the addition made under section 69 to be legally unsustainable. The Tribunal held that the Assessing Officer did not apply his mind properly in reopening the assessment based on information from the Commissioner of Income-tax-III, Thane, regarding VDIS declarations not pertaining to the relevant assessment year. Additionally, the Tribunal ruled that the income from assets disclosed in the VDIS declaration should be taxed in the years they were earned, not in a single year as done by the AO. en-us Fri, 24 Aug 2007 00:00:00 +0530 Wed, 29 Dec 2010 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59373 The Tribunal allowed the assessee's appeal, finding the reopening of the assessment under section 147 and the addition made under section 69 to be legally unsustainable. The Tribunal held that the Assessing Officer did not apply his mind properly in reopening the assessment based on information from the Commissioner of Income-tax-III, Thane, regarding VDIS declarations not pertaining to the relevant assessment year. Additionally, the Tribunal ruled that the income from assets disclosed in the VDIS declaration should be taxed in the years they were earned, not in a single year as done by the AO. Case-Laws Income Tax Fri, 24 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59373