TMI Blog2015 (12) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosure which led to income escaping assessment at the stage when the original assessment was completed. Short of that a re-appreciation of the existing materials which really amounts to review is impermissible. The Tribunal, in the circumstances of this case was justified in concluding that re-assessment proceedings themselves were not in accordance with law and consequently dismissing the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Revenue appealed against the merits. The assessee filed a cross appeal contending that the reopening of the assessment was not justified. The Tribunal by the impugned order allowed the assessee s cross appeal and thereafter deemed not necessary to examine the contentions from the merits. The relevant part of the Tribunal s reasoning extracts the reasons for reopening the assessment furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) Payable to DDA Rs.33,70,981/- (ii) Payable to (NDR) Rs.2,72,995/- (iii) Payable to ISBT Rs.11,75,997/- (iv) Payable to MCD Rs.29,09,173/- Total Rs.77,29,146/- These payments have n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee in its balance sheet for the concerned assessment year and that no material or information has come to the possession of the AO justifying the reopening of the assessment. This Court is of the opinion that no fault can be found with the Tribunal s order. It is well settled that in order to issue a valid reassessment notice, the AO has to be satisfied on the basis of tangible mate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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