https://www.taxtmi.com/caselaws?id=71037 The Tribunal held that the Assessing Officer (AO) was justified in issuing the notice under section 148 of the Income-tax Act based on the Departmental Valuation Officer's report, which estimated a higher construction cost than reported by the assessee. The Tribunal found that the AO had reasonable grounds to believe income had escaped assessment, justifying the notice under section 148 and the addition under section 69. The assessment was upheld, and the assessee's appeal was dismissed. en-us Fri, 04 Jul 1997 00:00:00 +0530 Fri, 21 Jun 2013 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71037 The Tribunal held that the Assessing Officer (AO) was justified in issuing the notice under section 148 of the Income-tax Act based on the Departmental Valuation Officer's report, which estimated a higher construction cost than reported by the assessee. The Tribunal found that the AO had reasonable grounds to believe income had escaped assessment, justifying the notice under section 148 and the addition under section 69. The assessment was upheld, and the assessee's appeal was dismissed. Case-Laws Income Tax Fri, 04 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71037