https://www.taxtmi.com/caselaws?id=344514 The court allowed the petition challenging the notice for reopening the assessment for the year 2006-07. It found the Assessing Officer's approach in projecting construction costs over financial years without concrete evidence to be flawed. The court criticized the officer's reliance on presumption and extrapolation, emphasizing the necessity of tangible material to justify the belief that income had escaped assessment. Additionally, the court deemed the notice beyond the prescribed period invalid, highlighting the importance of adhering to legal provisions when reopening assessments. en-us Thu, 15 Jun 2017 00:00:00 +0530 Thu, 10 Aug 2017 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344514 The court allowed the petition challenging the notice for reopening the assessment for the year 2006-07. It found the Assessing Officer's approach in projecting construction costs over financial years without concrete evidence to be flawed. The court criticized the officer's reliance on presumption and extrapolation, emphasizing the necessity of tangible material to justify the belief that income had escaped assessment. Additionally, the court deemed the notice beyond the prescribed period invalid, highlighting the importance of adhering to legal provisions when reopening assessments. Case-Laws Income Tax Thu, 15 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344514