https://www.taxtmi.com/caselaws?id=367963 The court upheld the validity of the notice for reopening the assessment beyond four years, citing prima facie information justifying the action based on suspicious trading in penny stocks. The petitioner's arguments regarding full disclosure during the original assessment and computation of the alleged escaped income were rejected. The court emphasized that the reassessment process would determine the exact income that escaped assessment, ultimately dismissing the petition challenging the notice for reopening. en-us Mon, 17 Sep 2018 00:00:00 +0530 Fri, 28 Sep 2018 09:14:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367963 The court upheld the validity of the notice for reopening the assessment beyond four years, citing prima facie information justifying the action based on suspicious trading in penny stocks. The petitioner's arguments regarding full disclosure during the original assessment and computation of the alleged escaped income were rejected. The court emphasized that the reassessment process would determine the exact income that escaped assessment, ultimately dismissing the petition challenging the notice for reopening. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367963