https://www.taxtmi.com/caselaws?id=14154 A notice issued under s.148 was challenged as lacking jurisdiction where only an intimation under s.143(1)(a) had been sent and the alleged escapement arose from a valuer's report indicating that the cost of construction was understated vis-à-vis the books. The HC held that, given the breadth of s.147, reassessment can be initiated even after an intimation, and the Assessing Officer's failure to invoke s.143(2) earlier does not bar recourse to s.148 upon receipt of material. An expert valuation report showing a substantial discrepancy constitutes tangible material and provides "reason to believe" escapement of income. The s.148 notice was upheld and the writ petition dismissed. en-us Fri, 09 Mar 2001 00:00:00 +0530 Tue, 06 Jan 2026 00:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14154 A notice issued under s.148 was challenged as lacking jurisdiction where only an intimation under s.143(1)(a) had been sent and the alleged escapement arose from a valuer's report indicating that the cost of construction was understated vis-à-vis the books. The HC held that, given the breadth of s.147, reassessment can be initiated even after an intimation, and the Assessing Officer's failure to invoke s.143(2) earlier does not bar recourse to s.148 upon receipt of material. An expert valuation report showing a substantial discrepancy constitutes tangible material and provides "reason to believe" escapement of income. The s.148 notice was upheld and the writ petition dismissed. Case-Laws Income Tax Fri, 09 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14154