https://www.taxtmi.com/caselaws?id=202746 The High Court upheld the validity of reassessment proceedings for the assessment year 1993-94, overturning the ITAT's decision. It found that the Assessing Officer had jurisdiction under Sections 147 and 148, as the assessee failed to disclose material facts, leading to an incorrect deduction under Section 80-I. The Court emphasized the importance of adjusting unabsorbed losses and confirmed that the notice under Section 148 was not time-barred. The reassessment was deemed justified, not based on a change of opinion but on non-disclosure by the assessee, ultimately resulting in the restoration of the Assessing Officer's order. en-us Fri, 24 Dec 2010 00:00:00 +0530 Wed, 13 Apr 2011 23:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202746 The High Court upheld the validity of reassessment proceedings for the assessment year 1993-94, overturning the ITAT's decision. It found that the Assessing Officer had jurisdiction under Sections 147 and 148, as the assessee failed to disclose material facts, leading to an incorrect deduction under Section 80-I. The Court emphasized the importance of adjusting unabsorbed losses and confirmed that the notice under Section 148 was not time-barred. The reassessment was deemed justified, not based on a change of opinion but on non-disclosure by the assessee, ultimately resulting in the restoration of the Assessing Officer's order. Case-Laws Income Tax Fri, 24 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202746