https://www.taxtmi.com/caselaws?id=390687 The court upheld the validity of reassessment proceedings under Section 147 of the Income Tax Act, dismissing the writ petition challenging the notice issued for reassessment. It found that the Assessing Officer had reasonable grounds to believe income had escaped assessment based on incriminating materials from a survey, justifying the initiation of reassessment despite previously available documents. The court emphasized the broad powers of the AO in reassessing income and the subjective nature of the belief requirement under Section 147. en-us Fri, 20 Dec 2019 00:00:00 +0530 Thu, 09 Jan 2020 11:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390687 The court upheld the validity of reassessment proceedings under Section 147 of the Income Tax Act, dismissing the writ petition challenging the notice issued for reassessment. It found that the Assessing Officer had reasonable grounds to believe income had escaped assessment based on incriminating materials from a survey, justifying the initiation of reassessment despite previously available documents. The court emphasized the broad powers of the AO in reassessing income and the subjective nature of the belief requirement under Section 147. Case-Laws Income Tax Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390687