https://www.taxtmi.com/caselaws?id=12523 The court upheld the validity of the notice issued under section 148 of the IT Act for reassessment, as the reasons provided constituted valid material justifying the belief of escaped assessment. Despite initial reluctance by the ITO to communicate reasons, the statement of a relevant party was deemed crucial for forming the belief of escaped assessment, rendering the communication issue moot. Legal precedents emphasized the importance of relevant material over absolute truth in reassessment proceedings, leading to the dismissal of the writ petition and allowing enforcement of any tax demand as per law. en-us Fri, 26 Apr 2002 00:00:00 +0530 Tue, 19 May 2009 18:12:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12523 The court upheld the validity of the notice issued under section 148 of the IT Act for reassessment, as the reasons provided constituted valid material justifying the belief of escaped assessment. Despite initial reluctance by the ITO to communicate reasons, the statement of a relevant party was deemed crucial for forming the belief of escaped assessment, rendering the communication issue moot. Legal precedents emphasized the importance of relevant material over absolute truth in reassessment proceedings, leading to the dismissal of the writ petition and allowing enforcement of any tax demand as per law. Case-Laws Income Tax Fri, 26 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12523