2008 (5) TMI 200 - HC - Income Tax

Tribunal was justified in holding that the proceedings for re-assessment u/s 148/147 were initiated by the Assessing Officer on non-existing facts because ultimately, the assessee has been able to explain the income which the AO believed to have escaped assessment – tribunal was justified in holding that as the proceedings were based on non-existing facts so they were not valid - revenue’s appeal dismissed