https://www.taxtmi.com/caselaws?id=337960 The court upheld the assessing officer's decision to invoke Section 148 of the Income Tax Act, 1961, based on suspicious transactions and undisclosed income sources. The court emphasized the necessity of a well-founded belief supported by available evidence before issuing a notice under Section 148. The assessing officer's clear reasoning and valid basis for reassessment were deemed sufficient, leading to the dismissal of the petitioner's plea and the vacation of the interim order. The court denied the request for a stay, noting the absence of an immediate threat of coercive measures. en-us Mon, 16 Jan 2017 00:00:00 +0530 Sat, 21 Jan 2017 07:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337960 The court upheld the assessing officer's decision to invoke Section 148 of the Income Tax Act, 1961, based on suspicious transactions and undisclosed income sources. The court emphasized the necessity of a well-founded belief supported by available evidence before issuing a notice under Section 148. The assessing officer's clear reasoning and valid basis for reassessment were deemed sufficient, leading to the dismissal of the petitioner's plea and the vacation of the interim order. The court denied the request for a stay, noting the absence of an immediate threat of coercive measures. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337960