https://www.taxtmi.com/caselaws?id=60239 The tribunal upheld the validity of the initiation of proceedings under sections 147/148, interpreting the CIT (Appeals) direction as lawful. The onus to prove the genuineness of transactions was not met by the assessee, leading to dismissal of the appeal. The correct procedural law was applied at the time of issuing the notice, and the reassessment was deemed valid based on new information rather than a change of opinion. en-us Mon, 26 Dec 2005 00:00:00 +0530 Tue, 04 Jan 2011 13:31:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60239 The tribunal upheld the validity of the initiation of proceedings under sections 147/148, interpreting the CIT (Appeals) direction as lawful. The onus to prove the genuineness of transactions was not met by the assessee, leading to dismissal of the appeal. The correct procedural law was applied at the time of issuing the notice, and the reassessment was deemed valid based on new information rather than a change of opinion. Case-Laws Income Tax Mon, 26 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60239