https://www.taxtmi.com/caselaws?id=217681 The court allowed both Income Tax Appeals, ruling in favor of the assessee-appellant. It held that the Assessing Officer's reopening of the assessment under Section 147 was unjustified as it lacked proper grounds and failed to comply with statutory requirements. The court emphasized that relying solely on the incomplete report of the District Valuation Officer without rejecting the books of accounts was erroneous. Consequently, the department was instructed to act in accordance with the court's decision. en-us Tue, 16 Oct 2012 00:00:00 +0530 Sat, 20 Oct 2012 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217681 The court allowed both Income Tax Appeals, ruling in favor of the assessee-appellant. It held that the Assessing Officer's reopening of the assessment under Section 147 was unjustified as it lacked proper grounds and failed to comply with statutory requirements. The court emphasized that relying solely on the incomplete report of the District Valuation Officer without rejecting the books of accounts was erroneous. Consequently, the department was instructed to act in accordance with the court's decision. Case-Laws Income Tax Tue, 16 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217681