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        Case ID :
        Income Tax

        Validity of Reopening of assessment - “tangible material” as may ...

        Reassessment Notice Invalidated: Court Rules Speculative Assumptions Insufficient for 'Tangible Material' Requirement.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Validity of Reopening of assessment - “tangible material” as may ever give rise to a “reason to believe" - Reliance on the Report of the Justice M.B. Shah Commission - The High Codurt observed that the assessing authority primarily based its action on the report, which did not provide a definitive finding but only a possibility of under-invoicing. The court held that this did not constitute "tangible material" required to form a "reason to believe". Consequently, the reassessment notice was deemed invalid as it was founded on speculative assumptions rather than hard evidence.
                                Note: It is a system-generated summary and is for quick reference only.
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