https://www.taxtmi.com/caselaws?id=9509 The High Court held in favor of the assessee on the issue of reopening the assessment under section 147(a) of the Income-tax Act, emphasizing that the conditions for initiating reassessment proceedings are mandatory and cannot be waived. However, the Court ruled in favor of the Revenue on the jurisdiction of the assessing authority to initiate reassessment proceedings and the justification of adding Rs. 1,85,900 to the income, based on discrepancies between the purchase price recorded in the seized diary and the sale agreement. The Court upheld the addition and disposed of the reference accordingly, with no order as to costs. en-us Thu, 21 Jul 2005 00:00:00 +0530 Tue, 23 Jun 2009 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9509 The High Court held in favor of the assessee on the issue of reopening the assessment under section 147(a) of the Income-tax Act, emphasizing that the conditions for initiating reassessment proceedings are mandatory and cannot be waived. However, the Court ruled in favor of the Revenue on the jurisdiction of the assessing authority to initiate reassessment proceedings and the justification of adding Rs. 1,85,900 to the income, based on discrepancies between the purchase price recorded in the seized diary and the sale agreement. The Court upheld the addition and disposed of the reference accordingly, with no order as to costs. Case-Laws Income Tax Thu, 21 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9509