https://www.taxtmi.com/caselaws?id=15955 The Court upheld the validity of reassessment proceedings under section 147(b) of the Income-tax Act based on new information indicating potential income escapement. It emphasized the relevance of the information, consistency in reasoning across related appeals, and interconnected nature of sister concerns' assessments. The Court ruled in favor of the Revenue, stating that the Income-tax Officer's belief that income had escaped assessment was supported by relevant materials. The judgment clarified the legal standards for initiating reassessment and highlighted the importance of consistent reasoning in such cases. en-us Tue, 20 Jan 1998 00:00:00 +0530 Mon, 31 Aug 2009 12:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15955 The Court upheld the validity of reassessment proceedings under section 147(b) of the Income-tax Act based on new information indicating potential income escapement. It emphasized the relevance of the information, consistency in reasoning across related appeals, and interconnected nature of sister concerns' assessments. The Court ruled in favor of the Revenue, stating that the Income-tax Officer's belief that income had escaped assessment was supported by relevant materials. The judgment clarified the legal standards for initiating reassessment and highlighted the importance of consistent reasoning in such cases. Case-Laws Income Tax Tue, 20 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15955