https://www.taxtmi.com/caselaws?id=404727 The court dismissed the writ application challenging the notice for reopening assessment under Section 148 of the Income Tax Act, 1961 for A.Y 2012-13. It held that the notice was not without jurisdiction as the conditions under Section 147 were met. The Assessing Officer independently applied his mind, forming a belief that income had escaped assessment based on verified information. The reasons for reopening were found valid, discrepancies in reassessment figures were rejected, and third-party statements were considered relevant. The sanction for issuing the notice under Section 151 was deemed valid, leading to the dismissal of the applicant's contentions. en-us Fri, 05 Feb 2021 00:00:00 +0530 Mon, 01 Mar 2021 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404727 The court dismissed the writ application challenging the notice for reopening assessment under Section 148 of the Income Tax Act, 1961 for A.Y 2012-13. It held that the notice was not without jurisdiction as the conditions under Section 147 were met. The Assessing Officer independently applied his mind, forming a belief that income had escaped assessment based on verified information. The reasons for reopening were found valid, discrepancies in reassessment figures were rejected, and third-party statements were considered relevant. The sanction for issuing the notice under Section 151 was deemed valid, leading to the dismissal of the applicant's contentions. Case-Laws Income Tax Fri, 05 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404727