https://www.taxtmi.com/caselaws?id=15270 The court quashed the notice issued under section 148 of the Income-tax Act for reopening assessment for AY 1992-93, citing lack of valid grounds and failure to establish non-disclosure of material facts by the assessee. The reassessment notice was deemed solely based on a valuation report obtained post a search operation, with no incriminating material found during the search related to the construction cost. The court emphasized that the Assessing Officer must have a valid reason to believe in income escapement, and mere change of opinion without new material does not warrant reassessment. en-us Wed, 01 Mar 2000 00:00:00 +0530 Tue, 04 Aug 2009 13:17:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15270 The court quashed the notice issued under section 148 of the Income-tax Act for reopening assessment for AY 1992-93, citing lack of valid grounds and failure to establish non-disclosure of material facts by the assessee. The reassessment notice was deemed solely based on a valuation report obtained post a search operation, with no incriminating material found during the search related to the construction cost. The court emphasized that the Assessing Officer must have a valid reason to believe in income escapement, and mere change of opinion without new material does not warrant reassessment. Case-Laws Income Tax Wed, 01 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15270