https://www.taxtmi.com/caselaws?id=23310 The Tribunal set aside the revision order under section 263, as it merged with the appellate order for the limited company's assessment year 1975-76. Subsequently, the Court quashed the notice under section 148 read with section 147(a) issued to the company, finding that the Income-tax Officer lacked sufficient basis to believe income had escaped assessment solely based on property valuation differences. The Court emphasized the necessity of disclosing full and relevant facts for assessment, distinguishing between opinions and facts in property valuation, and the conditions required for reassessment under section 147(a). en-us Thu, 15 Mar 1990 00:00:00 +0530 Fri, 18 Dec 2009 12:22:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23310 The Tribunal set aside the revision order under section 263, as it merged with the appellate order for the limited company's assessment year 1975-76. Subsequently, the Court quashed the notice under section 148 read with section 147(a) issued to the company, finding that the Income-tax Officer lacked sufficient basis to believe income had escaped assessment solely based on property valuation differences. The Court emphasized the necessity of disclosing full and relevant facts for assessment, distinguishing between opinions and facts in property valuation, and the conditions required for reassessment under section 147(a). Case-Laws Income Tax Thu, 15 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23310