https://www.taxtmi.com/caselaws?id=13976 The High Court upheld the validity of the notice issued under section 148 for reassessment, based on the discrepancy in plot price and stamp duty payment. The court found the respondent's reasons for initiating reassessment to be valid, forming a prima facie opinion of income escapement. The petitioner's argument that the vacant plot negates reassessment was rejected. The court dismissed the writ petition, allowing the petitioner to pursue remedies under the Act if adversely affected by future orders, affirming the legality of the respondent's actions in initiating reassessment proceedings. en-us Tue, 29 May 2001 00:00:00 +0530 Mon, 06 Jul 2009 16:47:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13976 The High Court upheld the validity of the notice issued under section 148 for reassessment, based on the discrepancy in plot price and stamp duty payment. The court found the respondent's reasons for initiating reassessment to be valid, forming a prima facie opinion of income escapement. The petitioner's argument that the vacant plot negates reassessment was rejected. The court dismissed the writ petition, allowing the petitioner to pursue remedies under the Act if adversely affected by future orders, affirming the legality of the respondent's actions in initiating reassessment proceedings. Case-Laws Income Tax Tue, 29 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13976