https://www.taxtmi.com/caselaws?id=59555 The Tribunal allowed the appeal in favor of the assessee, ruling that reassessment proceedings under section 147 were invalid during pending rectification proceedings under section 154. It upheld the assessee's right to raise a new legal question based on admitted facts, rejecting the Revenue's objections. The Tribunal relied on the SC's decision, emphasizing that income cannot escape assessment until proceedings are completed, and quashed the reassessment proceedings. Consequently, the notice under section 147 was set aside, rendering other grounds of appeal irrelevant. en-us Wed, 11 Apr 2007 00:00:00 +0530 Fri, 16 Feb 2024 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59555 The Tribunal allowed the appeal in favor of the assessee, ruling that reassessment proceedings under section 147 were invalid during pending rectification proceedings under section 154. It upheld the assessee's right to raise a new legal question based on admitted facts, rejecting the Revenue's objections. The Tribunal relied on the SC's decision, emphasizing that income cannot escape assessment until proceedings are completed, and quashed the reassessment proceedings. Consequently, the notice under section 147 was set aside, rendering other grounds of appeal irrelevant. Case-Laws Income Tax Wed, 11 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59555