https://www.taxtmi.com/caselaws?id=269602 The High Court held that the reassessment under Section 147/148 of the Income Tax Act was invalid as it was not based on a genuine "reason to believe" that income had escaped assessment. The Court emphasized that reopening assessments for mere investigation purposes is impermissible, citing the requirement for specific and cogent reasons. The Court ruled in favor of the assessee, finding the Assessing Officer's belief arbitrary and irrational, ultimately allowing the appeal and dismissing the notice issued under Section 148. en-us Mon, 24 Aug 2015 00:00:00 +0530 Mon, 02 Jul 2018 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269602 The High Court held that the reassessment under Section 147/148 of the Income Tax Act was invalid as it was not based on a genuine "reason to believe" that income had escaped assessment. The Court emphasized that reopening assessments for mere investigation purposes is impermissible, citing the requirement for specific and cogent reasons. The Court ruled in favor of the assessee, finding the Assessing Officer's belief arbitrary and irrational, ultimately allowing the appeal and dismissing the notice issued under Section 148. Case-Laws Income Tax Mon, 24 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269602