Tribunal held that reopening of assessment proceedings in the absence of any tangible material to hold that there was reason to believe that income had escaped assessment is not valid in law. Therefore reassessment proceedings against the for the assessment years 2006-07 to 2008-09 were not valid.( AY.2006 -07 to 2008-09)
DCIT v. Sandvik Information Technology AB (2018) 63 ITR 19 (SN)(Pune) (Trib)
S. 147 : Reassessment -No tangible material- Reassessment is held to be not valid [ S.148 ]