https://www.taxtmi.com/caselaws?id=268504 The court held that the Assessing Officer's reliance solely on the Departmental Valuation Officer's report for reopening the assessment was insufficient. The court emphasized that the Assessing Officer must independently verify information and form a belief of escaped income. As the Assessing Officer did not have tangible material to support the belief, the jurisdiction under Section 147 of the Income Tax Act was deemed invalid. Therefore, the petition was allowed, and the notice issued under Section 148 was quashed and set aside. en-us Wed, 04 Nov 2015 00:00:00 +0530 Sat, 28 Nov 2015 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268504 The court held that the Assessing Officer's reliance solely on the Departmental Valuation Officer's report for reopening the assessment was insufficient. The court emphasized that the Assessing Officer must independently verify information and form a belief of escaped income. As the Assessing Officer did not have tangible material to support the belief, the jurisdiction under Section 147 of the Income Tax Act was deemed invalid. Therefore, the petition was allowed, and the notice issued under Section 148 was quashed and set aside. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268504