https://www.taxtmi.com/caselaws?id=8850 The Supreme Court held that the Income-tax Officer lacked jurisdiction to initiate reassessment proceedings under section 147 of the Income-tax Act. The court found that there was no clear evidence or reasoning supporting the belief of income escapement regarding imported art silk, as the petitioner had disclosed all necessary material facts during the original assessment. The court emphasized the importance of the Income-tax Officer having a prima facie belief of income escapement before issuing reassessment notices. Consequently, the writ petition was allowed, and the petitioner was granted costs. en-us Wed, 23 Aug 1972 00:00:00 +0530 Tue, 16 Jun 2009 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8850 The Supreme Court held that the Income-tax Officer lacked jurisdiction to initiate reassessment proceedings under section 147 of the Income-tax Act. The court found that there was no clear evidence or reasoning supporting the belief of income escapement regarding imported art silk, as the petitioner had disclosed all necessary material facts during the original assessment. The court emphasized the importance of the Income-tax Officer having a prima facie belief of income escapement before issuing reassessment notices. Consequently, the writ petition was allowed, and the petitioner was granted costs. Case-Laws Income Tax Wed, 23 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8850