https://www.taxtmi.com/caselaws?id=337646 The Court upheld the Income Tax Department's action of reopening assessments under Sections 147 and 148 of the Income Tax Act, 1961. The petitioners' challenge, based on the validity of reasons to believe for reopening, was dismissed. The Court found that the documents provided sufficient reasons for the assessing officer to believe there was an escaped turnover, primarily due to discrepancies in the assessees' real estate business activities, including suppression of turnover and unaccounted cash transactions. The Court emphasized the assessee's right to receive reasons before assessment reopening and concluded that the provided reasons were valid, leading to the dismissal of the writ petitions. en-us Wed, 21 Dec 2016 00:00:00 +0530 Fri, 13 Jan 2017 10:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337646 The Court upheld the Income Tax Department's action of reopening assessments under Sections 147 and 148 of the Income Tax Act, 1961. The petitioners' challenge, based on the validity of reasons to believe for reopening, was dismissed. The Court found that the documents provided sufficient reasons for the assessing officer to believe there was an escaped turnover, primarily due to discrepancies in the assessees' real estate business activities, including suppression of turnover and unaccounted cash transactions. The Court emphasized the assessee's right to receive reasons before assessment reopening and concluded that the provided reasons were valid, leading to the dismissal of the writ petitions. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337646