https://www.taxtmi.com/caselaws?id=378596 The court upheld the validity of the reassessment process for assessment years 2011-12 and 2012-13, dismissing the petitions challenging the reopening. The court found that the undisclosed material facts regarding suspect sales, discovered post the original assessments, justified the reassessment. Emphasizing the necessity of specific and reliable new information to trigger reassessment, the court ruled in favor of the tax authorities, highlighting the importance of tangible evidence rather than a change in opinion. The reassessment notices were deemed valid based on the newly uncovered information, affirming the legitimacy of the reassessment process. en-us Tue, 09 Apr 2019 00:00:00 +0530 Mon, 05 Aug 2019 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378596 The court upheld the validity of the reassessment process for assessment years 2011-12 and 2012-13, dismissing the petitions challenging the reopening. The court found that the undisclosed material facts regarding suspect sales, discovered post the original assessments, justified the reassessment. Emphasizing the necessity of specific and reliable new information to trigger reassessment, the court ruled in favor of the tax authorities, highlighting the importance of tangible evidence rather than a change in opinion. The reassessment notices were deemed valid based on the newly uncovered information, affirming the legitimacy of the reassessment process. Case-Laws Income Tax Tue, 09 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378596