https://www.taxtmi.com/caselaws?id=252867 The court upheld the validity of two notices issued under Section 148 of the Income Tax Act, allowing the Assessing Officer to proceed with reassessment for Assessment Year 2009-10 and 2010-11. The notices were based on tangible material obtained during survey proceedings, highlighting discrepancies in the valuation and existence of intangible assets. Despite the petitioner's objection that the notices constituted a mere change of opinion, the court found that the reassessment was justified due to incorrect valuation of assets, particularly Goodwill. The court dismissed the petitions, emphasizing the importance of proper valuation examination during reassessment. en-us Mon, 13 Oct 2014 00:00:00 +0530 Thu, 06 Nov 2014 05:52:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252867 The court upheld the validity of two notices issued under Section 148 of the Income Tax Act, allowing the Assessing Officer to proceed with reassessment for Assessment Year 2009-10 and 2010-11. The notices were based on tangible material obtained during survey proceedings, highlighting discrepancies in the valuation and existence of intangible assets. Despite the petitioner's objection that the notices constituted a mere change of opinion, the court found that the reassessment was justified due to incorrect valuation of assets, particularly Goodwill. The court dismissed the petitions, emphasizing the importance of proper valuation examination during reassessment. Case-Laws Income Tax Mon, 13 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252867