HC upheld the reassessment proceedings against the taxpayer,...

HC upheld the reassessment proceedings against the taxpayer, finding the AO's reopening of the assessment valid. The court determined that the statutory provisions do not mandate the AO to explicitly point out the assessee's default at the notice stage. The procedural requirements were followed, including furnishing reasons upon request and allowing objections. The court rejected challenges to the reassessment, emphasizing that the procedural steps were consistent with established judicial precedents. The impugned orders were sustained, with the court noting the lower court's non-speaking order was vulnerable but ultimately maintaining the reassessment notices.