https://www.taxtmi.com/caselaws?id=5051 The Supreme Court dismissed the appeal, upholding the High Court's decision to quash the notices issued by the Income-tax Officer under section 147 of the Income-tax Act. The Court emphasized that the officer must have a valid reason to believe that income has escaped assessment based on information in his possession. In this case, the officer's claim of income diversion to Hindu undivided families was deemed insufficient to warrant reassessment. Therefore, the High Court's ruling was maintained, and no costs were awarded in the matter. en-us Tue, 18 Jul 1967 00:00:00 +0530 Sat, 17 Oct 2015 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5051 The Supreme Court dismissed the appeal, upholding the High Court's decision to quash the notices issued by the Income-tax Officer under section 147 of the Income-tax Act. The Court emphasized that the officer must have a valid reason to believe that income has escaped assessment based on information in his possession. In this case, the officer's claim of income diversion to Hindu undivided families was deemed insufficient to warrant reassessment. Therefore, the High Court's ruling was maintained, and no costs were awarded in the matter. Case-Laws Income Tax Tue, 18 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5051