https://www.taxtmi.com/caselaws?id=23965 The court found that the reassessment proceedings under Section 147 of the Income-tax Act were illegitimate as the Income-tax Officer did not have sufficient reason to believe income had escaped assessment. The petitioner had fully disclosed all material facts, rendering the notice issued under Section 148 invalid. The compensation received for acquired land was deemed indeterminate and not subject to tax. The court held that the Income-tax Officer lacked jurisdiction to reopen assessments, ruling in favor of the petitioner and canceling the impugned notices. en-us Thu, 08 Jun 1989 00:00:00 +0530 Fri, 15 Jan 2010 15:07:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23965 The court found that the reassessment proceedings under Section 147 of the Income-tax Act were illegitimate as the Income-tax Officer did not have sufficient reason to believe income had escaped assessment. The petitioner had fully disclosed all material facts, rendering the notice issued under Section 148 invalid. The compensation received for acquired land was deemed indeterminate and not subject to tax. The court held that the Income-tax Officer lacked jurisdiction to reopen assessments, ruling in favor of the petitioner and canceling the impugned notices. Case-Laws Income Tax Thu, 08 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23965