https://www.taxtmi.com/caselaws?id=220801 The court upheld the validity of the reassessment notice issued under Section 148 of the Income-tax Act, 1961, rejecting the petitioner's arguments. It found that there was tangible material to support the belief that income had escaped assessment, as parties involved were fictitious. The court applied Section 68 to the trading transactions, emphasizing its broad scope. Additionally, it determined that the reassessment was not a mere change of opinion but based on new material. Given the availability of an alternate remedy, the court declined to intervene, concluding that the petition lacked merit. en-us Fri, 05 Aug 2011 00:00:00 +0530 Sun, 10 Feb 2013 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220801 The court upheld the validity of the reassessment notice issued under Section 148 of the Income-tax Act, 1961, rejecting the petitioner's arguments. It found that there was tangible material to support the belief that income had escaped assessment, as parties involved were fictitious. The court applied Section 68 to the trading transactions, emphasizing its broad scope. Additionally, it determined that the reassessment was not a mere change of opinion but based on new material. Given the availability of an alternate remedy, the court declined to intervene, concluding that the petition lacked merit. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220801