https://www.taxtmi.com/caselaws?id=248750 Reassessment under Section 21 of the U.P. Trade Tax Act could not be initiated after a composition assessment under Section 7-D where the record disclosed no fresh objective material showing escapement of turnover. The court held that a valid reason to believe must rest on relevant material with a live link to alleged escapement, and cannot be founded on conjecture or a mere change of opinion on the same facts. Because the reassessment notice lacked any rational basis and the earlier assessment had already examined the contracts and compounding conditions, the initiation of reassessment was without jurisdiction and the writ petition succeeded for the assessee. en-us Mon, 19 May 2014 00:00:00 +0530 Wed, 21 Oct 2015 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248750 Reassessment under Section 21 of the U.P. Trade Tax Act could not be initiated after a composition assessment under Section 7-D where the record disclosed no fresh objective material showing escapement of turnover. The court held that a valid reason to believe must rest on relevant material with a live link to alleged escapement, and cannot be founded on conjecture or a mere change of opinion on the same facts. Because the reassessment notice lacked any rational basis and the earlier assessment had already examined the contracts and compounding conditions, the initiation of reassessment was without jurisdiction and the writ petition succeeded for the assessee. Case-Laws VAT and Sales Tax Mon, 19 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248750