https://www.taxtmi.com/caselaws?id=245674 The court upheld the validity of re-opening the assessment under Section 147 of the Income Tax Act, 1961, based on incriminating documents obtained during a search and seizure operation on a third party, linking them to the petitioner's cash transactions and investments. Emphasizing the need for thorough investigation, the court dismissed challenges to the re-assessment, highlighting the distinction between review and re-assessment powers. It concluded that the reasons recorded had a direct link to the belief of escaped income, supporting the continuation of the re-assessment proceedings and ultimately dismissing the petition. en-us Fri, 28 Mar 2014 00:00:00 +0530 Fri, 04 Apr 2014 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245674 The court upheld the validity of re-opening the assessment under Section 147 of the Income Tax Act, 1961, based on incriminating documents obtained during a search and seizure operation on a third party, linking them to the petitioner's cash transactions and investments. Emphasizing the need for thorough investigation, the court dismissed challenges to the re-assessment, highlighting the distinction between review and re-assessment powers. It concluded that the reasons recorded had a direct link to the belief of escaped income, supporting the continuation of the re-assessment proceedings and ultimately dismissing the petition. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245674