https://www.taxtmi.com/caselaws?id=220082 The High Court held that the Tribunal erred in declaring the reassessment of assessment invalid based on the grounds that the notice was issued beyond the statutory period and without a prior notice under section 143(2) of the Income Tax Act. The Court found both grounds cited by the Tribunal to be unsustainable, emphasizing that the Assessing Officer's belief that income had escaped assessment is crucial for reassessment under section 147, regardless of the initial assessment procedure. The appeals were restored before the Tribunal for fresh consideration on merits, ruling in favor of the Revenue. en-us Tue, 06 Nov 2012 00:00:00 +0530 Wed, 09 Jan 2013 14:59:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220082 The High Court held that the Tribunal erred in declaring the reassessment of assessment invalid based on the grounds that the notice was issued beyond the statutory period and without a prior notice under section 143(2) of the Income Tax Act. The Court found both grounds cited by the Tribunal to be unsustainable, emphasizing that the Assessing Officer's belief that income had escaped assessment is crucial for reassessment under section 147, regardless of the initial assessment procedure. The appeals were restored before the Tribunal for fresh consideration on merits, ruling in favor of the Revenue. Case-Laws Income Tax Tue, 06 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220082