https://www.taxtmi.com/caselaws?id=14514 The court upheld the validity of notices issued under section 148 of the Income-tax Act, 1961, for assessment/reassessment years 1993-94, 1994-95, and 1995-96. It found that the Income-tax Officer's belief that income had escaped assessment was based on material facts, including a valuation report and lack of explanation for valuation differences. Despite the petitioner's argument on the limitation for assessment/reassessment, the court held the notices were not time-barred under sections 149(1)(b)(ii) and (iii). Consequently, the court dismissed the writ petition, citing precedents to support the Income-tax Officer's bona fide belief. en-us Tue, 31 Oct 2000 00:00:00 +0530 Thu, 16 Jul 2009 13:04:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14514 The court upheld the validity of notices issued under section 148 of the Income-tax Act, 1961, for assessment/reassessment years 1993-94, 1994-95, and 1995-96. It found that the Income-tax Officer's belief that income had escaped assessment was based on material facts, including a valuation report and lack of explanation for valuation differences. Despite the petitioner's argument on the limitation for assessment/reassessment, the court held the notices were not time-barred under sections 149(1)(b)(ii) and (iii). Consequently, the court dismissed the writ petition, citing precedents to support the Income-tax Officer's bona fide belief. Case-Laws Income Tax Tue, 31 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14514