https://www.taxtmi.com/caselaws?id=10199 The court upheld the validity of the notice issued under section 148 of the Income-tax Act, 1961, rejecting the petitioner's challenge based on limitation and jurisdiction. The court emphasized that the notice, seeking to reassess income for a previous year, was within the prescribed limitation period and had the necessary sanction from the Commissioner. It was noted that the failure to examine the assessee's account books could warrant reassessment under section 147, with specific provisions addressing cases of under-assessed income. The court dismissed the petition, allowing the petitioner to challenge the reassessment on its merits subsequently. en-us Fri, 07 Apr 2000 00:00:00 +0530 Thu, 31 May 2018 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10199 The court upheld the validity of the notice issued under section 148 of the Income-tax Act, 1961, rejecting the petitioner's challenge based on limitation and jurisdiction. The court emphasized that the notice, seeking to reassess income for a previous year, was within the prescribed limitation period and had the necessary sanction from the Commissioner. It was noted that the failure to examine the assessee's account books could warrant reassessment under section 147, with specific provisions addressing cases of under-assessed income. The court dismissed the petition, allowing the petitioner to challenge the reassessment on its merits subsequently. Case-Laws Income Tax Fri, 07 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10199