https://www.taxtmi.com/caselaws?id=405572 The court upheld the legality of the notice for re-opening the assessment under Section 148 of the Income Tax Act. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment based on tangible material, including significant increase in share capital from shell companies. The court dismissed the writ-application and allowed the writ-applicant to challenge the final assessment order through an appeal before the CIT(A), emphasizing that the appellate authority should decide independently. The ad-interim relief granted earlier was vacated. en-us Tue, 16 Mar 2021 00:00:00 +0530 Fri, 02 Jul 2021 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405572 The court upheld the legality of the notice for re-opening the assessment under Section 148 of the Income Tax Act. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment based on tangible material, including significant increase in share capital from shell companies. The court dismissed the writ-application and allowed the writ-applicant to challenge the final assessment order through an appeal before the CIT(A), emphasizing that the appellate authority should decide independently. The ad-interim relief granted earlier was vacated. Case-Laws Income Tax Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405572