https://www.taxtmi.com/caselaws?id=326525 The court upheld the rejection of the petitioners' representation challenging a reassessment notice issued under Section 148 of the Income Tax Act for the assessment year 2008-09. The court emphasized the importance of recorded reasons under Section 148(2) and ruled that the reasons provided by the assessing officer were appropriate, focusing on concerns related to potential money laundering through share investments at high premiums. The petition was dismissed with costs awarded to the department, highlighting the procedural and jurisdictional aspects of reassessment under the Income Tax Act. en-us Tue, 22 Mar 2016 00:00:00 +0530 Mon, 18 Apr 2016 08:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326525 The court upheld the rejection of the petitioners' representation challenging a reassessment notice issued under Section 148 of the Income Tax Act for the assessment year 2008-09. The court emphasized the importance of recorded reasons under Section 148(2) and ruled that the reasons provided by the assessing officer were appropriate, focusing on concerns related to potential money laundering through share investments at high premiums. The petition was dismissed with costs awarded to the department, highlighting the procedural and jurisdictional aspects of reassessment under the Income Tax Act. Case-Laws Income Tax Tue, 22 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326525