https://www.taxtmi.com/caselaws?id=14227 The court held that the Assessing Officer lacked valid reasons to reopen the assessment under section 147(a) based on discrepancies in construction costs. It was emphasized that the officer cannot solely rely on a valuation report to challenge accepted materials from the initial assessment unless clear evidence of underreporting exists. Ruling in favor of the petitioner, the court set aside the notices issued by the Assessing Officer, citing the lack of legal sustainability in forming the belief for reassessment. No costs were awarded, and certified copies of the order were to be promptly provided to the parties' lawyers upon request. en-us Tue, 27 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 15:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14227 The court held that the Assessing Officer lacked valid reasons to reopen the assessment under section 147(a) based on discrepancies in construction costs. It was emphasized that the officer cannot solely rely on a valuation report to challenge accepted materials from the initial assessment unless clear evidence of underreporting exists. Ruling in favor of the petitioner, the court set aside the notices issued by the Assessing Officer, citing the lack of legal sustainability in forming the belief for reassessment. No costs were awarded, and certified copies of the order were to be promptly provided to the parties' lawyers upon request. Case-Laws Income Tax Tue, 27 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14227