https://www.taxtmi.com/caselaws?id=346671 The court upheld the validity of the reassessment notice for Assessment Year 2008-09 under Section 147 of the Income Tax Act, finding that the Assessing Officer had sufficient reason to believe that income had escaped assessment due to sham transactions involving Step Up Coupon Bonds. Additionally, the court upheld the provisional attachment of NDTV's assets under Section 281B, deeming it necessary to protect revenue interests given NDTV's declining net worth and potential tax liabilities arising from the reassessment. The court dismissed both writ petitions, affirming the validity of the reassessment notice and the provisional attachment order. en-us Thu, 10 Aug 2017 00:00:00 +0530 Thu, 19 Jul 2018 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346671 The court upheld the validity of the reassessment notice for Assessment Year 2008-09 under Section 147 of the Income Tax Act, finding that the Assessing Officer had sufficient reason to believe that income had escaped assessment due to sham transactions involving Step Up Coupon Bonds. Additionally, the court upheld the provisional attachment of NDTV's assets under Section 281B, deeming it necessary to protect revenue interests given NDTV's declining net worth and potential tax liabilities arising from the reassessment. The court dismissed both writ petitions, affirming the validity of the reassessment notice and the provisional attachment order. Case-Laws Income Tax Thu, 10 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346671