https://www.taxtmi.com/caselaws?id=120850 Reassessment requires tangible material with a rational nexus to a bona fide belief that income escaped assessment; a vague Inspector's report was insufficient, so the reassessment was quashed. Service of notice under section 148 was nevertheless treated as established because the assessee accepted the notice in conduct and participated in proceedings. For house-property and wealth-tax purposes, occupation of the Mumbai flat for business use was the material test, and evidence of business activity supported depreciation, maintenance claims, and exclusion from wealth-tax. For the later period when business use had ceased, only fair notional rent under section 23 could be brought to tax, limited to the rateable value basis. en-us Fri, 16 Nov 2007 00:00:00 +0530 Tue, 24 Jul 2012 18:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120850 Reassessment requires tangible material with a rational nexus to a bona fide belief that income escaped assessment; a vague Inspector's report was insufficient, so the reassessment was quashed. Service of notice under section 148 was nevertheless treated as established because the assessee accepted the notice in conduct and participated in proceedings. For house-property and wealth-tax purposes, occupation of the Mumbai flat for business use was the material test, and evidence of business activity supported depreciation, maintenance claims, and exclusion from wealth-tax. For the later period when business use had ceased, only fair notional rent under section 23 could be brought to tax, limited to the rateable value basis. Case-Laws Income Tax Fri, 16 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120850