https://www.taxtmi.com/caselaws?id=63140 The Tribunal upheld the reopening of assessment under s. 147(a) of the IT Act, finding that the ITO had valid reasons to believe income had escaped assessment based on factual information received. The Tribunal emphasized the importance of genuineness of information and the formation of a valid belief by the ITO. Additionally, the Tribunal directed the AAC to consider factors regarding the nature of the business and income percentage in the sugar business to determine the correctness of income computation. The appeal by the Department was allowed, and the matter was restored for further consideration by the AAC. en-us Fri, 28 Feb 1986 00:00:00 +0530 Fri, 28 Jan 2011 10:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63140 The Tribunal upheld the reopening of assessment under s. 147(a) of the IT Act, finding that the ITO had valid reasons to believe income had escaped assessment based on factual information received. The Tribunal emphasized the importance of genuineness of information and the formation of a valid belief by the ITO. Additionally, the Tribunal directed the AAC to consider factors regarding the nature of the business and income percentage in the sugar business to determine the correctness of income computation. The appeal by the Department was allowed, and the matter was restored for further consideration by the AAC. Case-Laws Income Tax Fri, 28 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63140