https://www.taxtmi.com/caselaws?id=10828 Reassessment requires relevant material supporting a bona fide belief that income has escaped assessment; where the recorded reasons rest on a mistaken assumption and lack a rational nexus with the material, the reopening is without jurisdiction and invalid. The court also held that a writ petition need not be declined merely because an alternate statutory remedy exists when the petition has already been entertained and the assessing authority's jurisdiction is under challenge. On capital gains, section 2(47)(v) applies only where the requirements of part performance under section 53A are satisfied in the relevant year; a later step taken only to complete an earlier agreement does not by itself create a fresh transfer. en-us Wed, 30 Jul 2003 00:00:00 +0530 Sat, 25 Jul 2009 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10828 Reassessment requires relevant material supporting a bona fide belief that income has escaped assessment; where the recorded reasons rest on a mistaken assumption and lack a rational nexus with the material, the reopening is without jurisdiction and invalid. The court also held that a writ petition need not be declined merely because an alternate statutory remedy exists when the petition has already been entertained and the assessing authority's jurisdiction is under challenge. On capital gains, section 2(47)(v) applies only where the requirements of part performance under section 53A are satisfied in the relevant year; a later step taken only to complete an earlier agreement does not by itself create a fresh transfer. Case-Laws Income Tax Wed, 30 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10828