https://www.taxtmi.com/caselaws?id=77560 The court upheld the reassessment proceedings under section 147 of the Income-tax Act for the years 1996-97, 1998-99, 1999-2000, and 2000-2001. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment due to significant discrepancies in construction costs revealed by a valuation report. Relying on Supreme Court precedent, the court determined that the Assessing Officer's reliance on the valuation report was justified, leading to a remand of the case to the Tribunal for further proceedings within three months. en-us Tue, 10 Nov 2009 00:00:00 +0530 Fri, 24 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77560 The court upheld the reassessment proceedings under section 147 of the Income-tax Act for the years 1996-97, 1998-99, 1999-2000, and 2000-2001. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment due to significant discrepancies in construction costs revealed by a valuation report. Relying on Supreme Court precedent, the court determined that the Assessing Officer's reliance on the valuation report was justified, leading to a remand of the case to the Tribunal for further proceedings within three months. Case-Laws Income Tax Tue, 10 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77560