https://www.taxtmi.com/caselaws?id=5526 SC upheld validity of the s.148/s.147 notice, finding the ITO had reasonable grounds to believe income had escaped assessment due to omission or failure to disclose material facts and bogus lender claims. The Court noted the officer's comparison with the subsequent year, where several alleged lenders were proved fictitious, justified reopening even though full escapement need not be finally established at this stage. The challenge to the notice failed; the appeal was dismissed with costs. en-us Tue, 16 Jul 1996 00:00:00 +0530 Wed, 15 Oct 2025 10:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5526 SC upheld validity of the s.148/s.147 notice, finding the ITO had reasonable grounds to believe income had escaped assessment due to omission or failure to disclose material facts and bogus lender claims. The Court noted the officer's comparison with the subsequent year, where several alleged lenders were proved fictitious, justified reopening even though full escapement need not be finally established at this stage. The challenge to the notice failed; the appeal was dismissed with costs. Case-Laws Income Tax Tue, 16 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5526