https://www.taxtmi.com/caselaws?id=375654 The court upheld the notice of reopening of assessment for the assessment year 2011-12 issued to a real estate company. The Assessing Officer had valid reasons, supported by material from a search action, indicating unexplained cash credit. Despite the petitioner's objections of lack of a live link and change of opinion, the court found the reasons recorded justified reassessment. Citing a Supreme Court precedent, the court emphasized that reassessment can be initiated based on subsequent reliable information showing non-disclosure of material facts. The court rejected the petitioner's arguments, dismissing the petition and vacating interim relief previously granted. en-us Fri, 08 Feb 2019 00:00:00 +0530 Thu, 21 Feb 2019 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375654 The court upheld the notice of reopening of assessment for the assessment year 2011-12 issued to a real estate company. The Assessing Officer had valid reasons, supported by material from a search action, indicating unexplained cash credit. Despite the petitioner's objections of lack of a live link and change of opinion, the court found the reasons recorded justified reassessment. Citing a Supreme Court precedent, the court emphasized that reassessment can be initiated based on subsequent reliable information showing non-disclosure of material facts. The court rejected the petitioner's arguments, dismissing the petition and vacating interim relief previously granted. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375654