https://www.taxtmi.com/caselaws?id=360823 The court upheld the validity of reopening the assessment under Section 148 of the Income-tax Act, 1961, dismissing the writ petitions. It found that the Assessing Officer had substantial material, including cash vouchers and daily cash books from a search on the Venus Group, indicating undisclosed income. The court clarified that the principle of change of opinion does not apply when the return is accepted without scrutiny under Section 143(1), emphasizing that the Assessing Officer only needs a reason to believe income has escaped assessment, not established facts. en-us Mon, 02 Apr 2018 00:00:00 +0530 Tue, 13 Nov 2018 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360823 The court upheld the validity of reopening the assessment under Section 148 of the Income-tax Act, 1961, dismissing the writ petitions. It found that the Assessing Officer had substantial material, including cash vouchers and daily cash books from a search on the Venus Group, indicating undisclosed income. The court clarified that the principle of change of opinion does not apply when the return is accepted without scrutiny under Section 143(1), emphasizing that the Assessing Officer only needs a reason to believe income has escaped assessment, not established facts. Case-Laws Income Tax Mon, 02 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360823