https://www.taxtmi.com/caselaws?id=330331 The court upheld the validity of the notice for reopening the assessment, dismissing the petition challenging it. It emphasized that reassessment should be based on the material that surfaces during assessment, independent of court observations. The court found that the Assessing Officer had sufficient grounds to form a belief of income escapement, including the assessee's failure to fully disclose material facts. The reliance on the investigation wing's report was deemed acceptable, as the Assessing Officer independently applied his mind to the findings. en-us Tue, 12 Jul 2016 00:00:00 +0530 Tue, 31 Jan 2017 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330331 The court upheld the validity of the notice for reopening the assessment, dismissing the petition challenging it. It emphasized that reassessment should be based on the material that surfaces during assessment, independent of court observations. The court found that the Assessing Officer had sufficient grounds to form a belief of income escapement, including the assessee's failure to fully disclose material facts. The reliance on the investigation wing's report was deemed acceptable, as the Assessing Officer independently applied his mind to the findings. Case-Laws Income Tax Tue, 12 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330331