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of <h1>Supreme Court Upholds Reassessment under Income-tax Act</h1> <h3>Income-Tax Officer Versus Saradbhai M. Lakhani And Another</h3> The Supreme Court allowed the appeal against the Gujarat HC judgment, upholding the notice under section 148 of the Income-tax Act for reassessment of a ... Assessment was reopened on the ground that the Gujarat High Court in Banyan and Berry vs. CIT (1996) 222 ITR 831, had held that after dissolution of the partnership firm, the assessment could be only in the hands of the erstwhile partners - Held that reopening of respondent's assessment in respect of the year 1988-89 was valid The Supreme Court allowed the appeal against the Gujarat High Court judgment that quashed a notice under section 148 of the Income-tax Act for reopening the assessment of a partnership firm. The High Court's decision was overturned as the Income-tax Officer had the authority to initiate reassessment proceedings based on information received, including relevant court judgments. The appeals were allowed, and the High Court judgment was set aside, dismissing the respondent's writ petition. No costs were awarded.
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