https://www.taxtmi.com/caselaws?id=245628 The court upheld the legality of reopening the assessment under Section 147 of the Income Tax Act for the assessment year 2006-07. It found that the Assessing Officer had valid reasons to believe that income chargeable to tax had escaped assessment, based on unexplained financial increases. The court dismissed the writ petition, affirming the Deputy Commissioner of Income Tax's authority to initiate reassessment proceedings. The court emphasized that the Assessing Officer's prima facie opinion, supported by recorded reasons, justified the reassessment. en-us Wed, 02 Apr 2014 00:00:00 +0530 Thu, 03 Apr 2014 09:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245628 The court upheld the legality of reopening the assessment under Section 147 of the Income Tax Act for the assessment year 2006-07. It found that the Assessing Officer had valid reasons to believe that income chargeable to tax had escaped assessment, based on unexplained financial increases. The court dismissed the writ petition, affirming the Deputy Commissioner of Income Tax's authority to initiate reassessment proceedings. The court emphasized that the Assessing Officer's prima facie opinion, supported by recorded reasons, justified the reassessment. Case-Laws Income Tax Wed, 02 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245628