https://www.taxtmi.com/caselaws?id=259061 The court upheld the notice issued under Section 148 of the Income Tax Act for reassessment, finding no jurisdictional error. The petitioner's challenge based on lack of new material evidence was rejected, as the court held that the Assessing Officer had a valid "reason to believe" income had escaped assessment. The court also found the reasons for reopening the assessment, related to deferred revenue not offered to tax in subsequent years, to be valid under Section 147 of the Act. Consequently, the writ petition was dismissed, affirming the notice and reasons for reassessment. en-us Mon, 23 Mar 2015 00:00:00 +0530 Wed, 29 Apr 2015 07:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259061 The court upheld the notice issued under Section 148 of the Income Tax Act for reassessment, finding no jurisdictional error. The petitioner's challenge based on lack of new material evidence was rejected, as the court held that the Assessing Officer had a valid "reason to believe" income had escaped assessment. The court also found the reasons for reopening the assessment, related to deferred revenue not offered to tax in subsequent years, to be valid under Section 147 of the Act. Consequently, the writ petition was dismissed, affirming the notice and reasons for reassessment. Case-Laws Income Tax Mon, 23 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259061