Reassessment in absence of fresh material indicating income escapement is invalid

Hon’ble Supreme Court in the case of CIT Kelvinator India Ltd. 320 ITR 561 (SC), has held that for reopening of the assessment, the AO should have in its possession ‘tangible material’. The term ‘tangible material’ has been understood and explained by various courts subsequently. There has been unanimity of the courts on this issue t

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