https://www.taxtmi.com/caselaws?id=1654 The High Court addressed the validity of reassessment proceedings under sections 147/148 of the Income-tax Act, 1961. The court found that the Assessing Officer had legitimate grounds to issue the notice under section 148 based on specific and adequate information regarding alleged unaccounted long-term capital gains. The court disagreed with the Tribunal's decision, emphasizing the sufficiency of the information for reassessment. The court set aside the Tribunal's order and remanded the matter for a decision on the merits, allowing the assessee to challenge the correctness of the facts considered. en-us Tue, 29 May 2007 00:00:00 +0530 Sat, 11 Apr 2009 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1654 The High Court addressed the validity of reassessment proceedings under sections 147/148 of the Income-tax Act, 1961. The court found that the Assessing Officer had legitimate grounds to issue the notice under section 148 based on specific and adequate information regarding alleged unaccounted long-term capital gains. The court disagreed with the Tribunal's decision, emphasizing the sufficiency of the information for reassessment. The court set aside the Tribunal's order and remanded the matter for a decision on the merits, allowing the assessee to challenge the correctness of the facts considered. Case-Laws Income Tax Tue, 29 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1654