https://www.taxtmi.com/caselaws?id=372694 The Court dismissed the petition challenging a re-assessment notice under Section 148 of the Income Tax Act for AY 2011-12. The Court upheld the validity of the re-assessment, emphasizing the Revenue's duty to investigate potential income escapement thoroughly. Despite the assessee's objections and denial of transactions, the Court found the AO's decision justified, citing the necessity of reassessment based on undisclosed investments and capital gains/losses. The Court ruled in favor of the Revenue, highlighting the AO's jurisdiction to probe income irregularities and the incomplete nature of the original assessment under Section 143(1). en-us Mon, 03 Dec 2018 00:00:00 +0530 Thu, 27 Dec 2018 16:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372694 The Court dismissed the petition challenging a re-assessment notice under Section 148 of the Income Tax Act for AY 2011-12. The Court upheld the validity of the re-assessment, emphasizing the Revenue's duty to investigate potential income escapement thoroughly. Despite the assessee's objections and denial of transactions, the Court found the AO's decision justified, citing the necessity of reassessment based on undisclosed investments and capital gains/losses. The Court ruled in favor of the Revenue, highlighting the AO's jurisdiction to probe income irregularities and the incomplete nature of the original assessment under Section 143(1). Case-Laws Income Tax Mon, 03 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372694