https://www.taxtmi.com/caselaws?id=359880 The court upheld the validity of reopening the assessment under Sections 147 and 148 of the Income Tax Act. It found that the Assessing Officer had sufficient reason to believe that income had escaped assessment due to the petitioner's failure to disclose all material facts regarding External Development Charges (EDC). The reassessment was not deemed a mere change of opinion but based on tangible material indicating income escapement. Consequently, the court dismissed the writ petition, affirming the validity of the reassessment proceedings. en-us Fri, 27 Apr 2018 00:00:00 +0530 Sat, 05 May 2018 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359880 The court upheld the validity of reopening the assessment under Sections 147 and 148 of the Income Tax Act. It found that the Assessing Officer had sufficient reason to believe that income had escaped assessment due to the petitioner's failure to disclose all material facts regarding External Development Charges (EDC). The reassessment was not deemed a mere change of opinion but based on tangible material indicating income escapement. Consequently, the court dismissed the writ petition, affirming the validity of the reassessment proceedings. Case-Laws Income Tax Fri, 27 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359880