https://www.taxtmi.com/caselaws?id=63166 The ITAT dismissed the assessee's challenge against the initiation of proceedings under section 147 of the Income Tax Act, affirming the validity of the notice issued under section 148. However, the Tribunal found merit in the assessee's objections regarding property valuation. It directed the Assessing Officer to obtain a fresh valuation report, considering the assessee's objections and unauthorized construction status, to reassess potential undisclosed income. The appeal was partly allowed for statistical purposes, requiring further examination of the property's valuation while upholding the reopening of assessment proceedings. en-us Fri, 17 Mar 2006 00:00:00 +0530 Fri, 15 Mar 2024 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63166 The ITAT dismissed the assessee's challenge against the initiation of proceedings under section 147 of the Income Tax Act, affirming the validity of the notice issued under section 148. However, the Tribunal found merit in the assessee's objections regarding property valuation. It directed the Assessing Officer to obtain a fresh valuation report, considering the assessee's objections and unauthorized construction status, to reassess potential undisclosed income. The appeal was partly allowed for statistical purposes, requiring further examination of the property's valuation while upholding the reopening of assessment proceedings. Case-Laws Income Tax Fri, 17 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63166