https://www.taxtmi.com/caselaws?id=253959 The High Court ruled in favor of the assessee in a case concerning the validity of reopening assessment under section 147(b) of the Income Tax Act. The Court held that the reassessment based on the Valuation Officer's report was invalid as it did not provide new information, citing precedents. Additionally, the Court found the Assessing Officer's addition towards the value of construction, based on the Valuation Officer's report and seized materials under Section 69B, unjustified. The Court dismissed all appeals, emphasizing the flaws in the reassessment and the lack of valid reasons for rejecting the assessee's cost calculations. en-us Fri, 10 Oct 2014 00:00:00 +0530 Mon, 08 Dec 2014 21:17:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253959 The High Court ruled in favor of the assessee in a case concerning the validity of reopening assessment under section 147(b) of the Income Tax Act. The Court held that the reassessment based on the Valuation Officer's report was invalid as it did not provide new information, citing precedents. Additionally, the Court found the Assessing Officer's addition towards the value of construction, based on the Valuation Officer's report and seized materials under Section 69B, unjustified. The Court dismissed all appeals, emphasizing the flaws in the reassessment and the lack of valid reasons for rejecting the assessee's cost calculations. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253959