https://www.taxtmi.com/caselaws?id=344329 The court upheld the validity of initiating parallel proceedings under Sections 142(1) and 148 of the Income Tax Act, dismissing the appellant's claim. It found the reopening of assessment based on third-party information justified, as the assessing officer had sufficient reasons to believe income had escaped assessment. The court also affirmed the assessing officer's authority to reopen based on inter-departmental information, rejecting the appellant's arguments to the contrary. Ultimately, the court dismissed the appeal, affirming the Tribunal's decision to remit the matter for further verification, deeming the assessment reopening valid. en-us Tue, 18 Apr 2017 00:00:00 +0530 Thu, 15 Jun 2017 08:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344329 The court upheld the validity of initiating parallel proceedings under Sections 142(1) and 148 of the Income Tax Act, dismissing the appellant's claim. It found the reopening of assessment based on third-party information justified, as the assessing officer had sufficient reasons to believe income had escaped assessment. The court also affirmed the assessing officer's authority to reopen based on inter-departmental information, rejecting the appellant's arguments to the contrary. Ultimately, the court dismissed the appeal, affirming the Tribunal's decision to remit the matter for further verification, deeming the assessment reopening valid. Case-Laws Income Tax Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344329