https://www.taxtmi.com/caselaws?id=219855 The court upheld the jurisdiction of the Assessing Officer (AO) to reassess the escaped income for the Assessment Year 2000-01, dismissing the appeals challenging the reopening of assessment under Section 147 of the Income Tax Act. The court emphasized the requirement of a genuine and rational basis for the belief under the phrase "reason to believe," rejecting the appellants' arguments of jurisdictional issues and lack of evidence for alleged undisclosed payments. The decision was based on substantial evidence supporting the AO's actions, including agreements, demand drafts, and testimonies, affirming the validity of the reassessment. en-us Wed, 21 Nov 2012 00:00:00 +0530 Thu, 27 Dec 2012 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219855 The court upheld the jurisdiction of the Assessing Officer (AO) to reassess the escaped income for the Assessment Year 2000-01, dismissing the appeals challenging the reopening of assessment under Section 147 of the Income Tax Act. The court emphasized the requirement of a genuine and rational basis for the belief under the phrase "reason to believe," rejecting the appellants' arguments of jurisdictional issues and lack of evidence for alleged undisclosed payments. The decision was based on substantial evidence supporting the AO's actions, including agreements, demand drafts, and testimonies, affirming the validity of the reassessment. Case-Laws Income Tax Wed, 21 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219855