https://www.taxtmi.com/caselaws?id=76459 The High Court of Kerala allowed the Revenue's appeals, finding the reassessments under section 147 of the Income-tax Act, 1961 for the assessment years 1998-99 and 1999-2000 to be valid and not time-barred. The court held that the Assessing Officer had sufficient material to believe income had escaped assessment, as evidenced by inquiries and information collected before issuing the notice under section 147. The court disagreed with the Tribunal's decision, remanding the matter for a fresh decision on the merits after considering the reasons for reopening the assessment. en-us Tue, 08 Dec 2009 00:00:00 +0530 Fri, 25 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76459 The High Court of Kerala allowed the Revenue's appeals, finding the reassessments under section 147 of the Income-tax Act, 1961 for the assessment years 1998-99 and 1999-2000 to be valid and not time-barred. The court held that the Assessing Officer had sufficient material to believe income had escaped assessment, as evidenced by inquiries and information collected before issuing the notice under section 147. The court disagreed with the Tribunal's decision, remanding the matter for a fresh decision on the merits after considering the reasons for reopening the assessment. Case-Laws Income Tax Tue, 08 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76459