https://www.taxtmi.com/caselaws?id=60017 The Tribunal found the reassessment proceedings under section 147 of the Income Tax Act invalid for the assessment years 1995-96, 1996-97, and 1997-98. For the year 1995-96, the notice was issued beyond the statutory period without the assessee's failure to disclose material facts. The reassessment for 1996-97 and 1997-98 was based on interest income not considered in the original assessment, but the Tribunal determined that no taxable income had escaped assessment. Consequently, the reassessment proceedings for all three years were deemed invalid, and the assessee's appeals were allowed. en-us Mon, 24 Jan 2005 00:00:00 +0530 Mon, 03 Jan 2011 12:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60017 The Tribunal found the reassessment proceedings under section 147 of the Income Tax Act invalid for the assessment years 1995-96, 1996-97, and 1997-98. For the year 1995-96, the notice was issued beyond the statutory period without the assessee's failure to disclose material facts. The reassessment for 1996-97 and 1997-98 was based on interest income not considered in the original assessment, but the Tribunal determined that no taxable income had escaped assessment. Consequently, the reassessment proceedings for all three years were deemed invalid, and the assessee's appeals were allowed. Case-Laws Income Tax Mon, 24 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60017