https://www.taxtmi.com/caselaws?id=10740 The High Court upheld the Tribunal's decision in an appeal regarding reassessment for the assessment year 1988-89. The court found that failure to record reasons before issuing notice under section 148 rendered the reassessment proceedings invalid. Emphasizing the mandatory requirement of recording reasons, the court highlighted that the Assessing Officer's satisfaction on income escapement is crucial for assuming jurisdiction. Referring to legal precedents, the court reiterated that reasons must be recorded before issuing notice to prove the belief of income escapement. As reasons were recorded after issuing notices in this case, the court dismissed the appeal, concluding the reassessment was initiated without jurisdiction. en-us Wed, 15 Sep 2004 00:00:00 +0530 Wed, 22 Jul 2009 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10740 The High Court upheld the Tribunal's decision in an appeal regarding reassessment for the assessment year 1988-89. The court found that failure to record reasons before issuing notice under section 148 rendered the reassessment proceedings invalid. Emphasizing the mandatory requirement of recording reasons, the court highlighted that the Assessing Officer's satisfaction on income escapement is crucial for assuming jurisdiction. Referring to legal precedents, the court reiterated that reasons must be recorded before issuing notice to prove the belief of income escapement. As reasons were recorded after issuing notices in this case, the court dismissed the appeal, concluding the reassessment was initiated without jurisdiction. Case-Laws Income Tax Wed, 15 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10740