https://www.taxtmi.com/caselaws?id=336649 The court upheld the validity of reassessment proceedings initiated under Section 148 of the Income Tax Act, 1961, for the Assessment Year 2009-10. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment due to the petitioner's failure to disclose all material facts. The reassessment notice was issued within the extended period of six years, falling under Section 149(b) of the Act, as the tax effect was significant. The court rejected the writ petition, affirming the legality of the reassessment while clarifying that its observations would not impact ongoing proceedings. en-us Tue, 20 Dec 2016 00:00:00 +0530 Mon, 26 Dec 2016 14:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336649 The court upheld the validity of reassessment proceedings initiated under Section 148 of the Income Tax Act, 1961, for the Assessment Year 2009-10. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment due to the petitioner's failure to disclose all material facts. The reassessment notice was issued within the extended period of six years, falling under Section 149(b) of the Act, as the tax effect was significant. The court rejected the writ petition, affirming the legality of the reassessment while clarifying that its observations would not impact ongoing proceedings. Case-Laws Income Tax Tue, 20 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336649