https://www.taxtmi.com/caselaws?id=264456 The court upheld the validity of the reopening of assessment under Section 147 of the Income Tax Act, 1961, beyond four years, due to unabsorbed depreciation and business loss not initially disclosed. It emphasized the necessity for the Assessing Officer to have a reason to believe income had escaped assessment. The court rejected the argument that reassessment was solely based on an audit report, stating the Assessing Officer provided valid reasons. It allowed simultaneous proceedings under Sections 154 and 147, directing the petitioner to seek redressal through the appellate authority regarding set-off issues. The writ petitions were dismissed, permitting an appeal without limitation constraints. en-us Thu, 11 Jun 2015 00:00:00 +0530 Mon, 02 May 2016 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264456 The court upheld the validity of the reopening of assessment under Section 147 of the Income Tax Act, 1961, beyond four years, due to unabsorbed depreciation and business loss not initially disclosed. It emphasized the necessity for the Assessing Officer to have a reason to believe income had escaped assessment. The court rejected the argument that reassessment was solely based on an audit report, stating the Assessing Officer provided valid reasons. It allowed simultaneous proceedings under Sections 154 and 147, directing the petitioner to seek redressal through the appellate authority regarding set-off issues. The writ petitions were dismissed, permitting an appeal without limitation constraints. Case-Laws Income Tax Thu, 11 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264456