https://www.taxtmi.com/caselaws?id=71035 The majority view in the case concluded that the reopening of assessments under section 147 of the Income-tax Act was valid. The revenue's appeals were allowed, overturning the CIT(A)'s decision to quash the reassessments. The Assessing Officer had reasonable grounds, based on CBI's FIRs and investigations, to believe that the assessee's income had escaped assessment due to inflated purchases and expenses. The Judicial Member held the reopening was valid, emphasizing the need for reasonable grounds for belief, while the Accountant Member disagreed, stating the reopening was without jurisdiction. en-us Thu, 22 Jan 2004 00:00:00 +0530 Thu, 21 Apr 2011 10:30:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71035 The majority view in the case concluded that the reopening of assessments under section 147 of the Income-tax Act was valid. The revenue's appeals were allowed, overturning the CIT(A)'s decision to quash the reassessments. The Assessing Officer had reasonable grounds, based on CBI's FIRs and investigations, to believe that the assessee's income had escaped assessment due to inflated purchases and expenses. The Judicial Member held the reopening was valid, emphasizing the need for reasonable grounds for belief, while the Accountant Member disagreed, stating the reopening was without jurisdiction. Case-Laws Income Tax Thu, 22 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71035