https://www.taxtmi.com/caselaws?id=372568 The High Court upheld the reopening of assessment under the Income Tax Act, 1961, finding that the Assessing Officer had valid reasons supported by tangible material, including undisclosed cash payments for a property. The court confirmed that the Officer's recorded reasons justified the reassessment, noting the petitioner's unexplained income and cash transactions. Despite the petitioner's objections, the court ruled in favor of the Department, concluding that there was adequate basis for reopening the assessment, given the available evidence and the petitioner's financial activities. en-us Thu, 13 Dec 2018 00:00:00 +0530 Tue, 25 Dec 2018 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372568 The High Court upheld the reopening of assessment under the Income Tax Act, 1961, finding that the Assessing Officer had valid reasons supported by tangible material, including undisclosed cash payments for a property. The court confirmed that the Officer's recorded reasons justified the reassessment, noting the petitioner's unexplained income and cash transactions. Despite the petitioner's objections, the court ruled in favor of the Department, concluding that there was adequate basis for reopening the assessment, given the available evidence and the petitioner's financial activities. Case-Laws Income Tax Thu, 13 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372568