https://www.taxtmi.com/caselaws?id=406109 The HC dismissed the writ application, upholding the validity of the notice issued under Section 148 of the Income Tax Act for reopening the assessment. The court found that the Assessing Officer had duly recorded reasons, obtained necessary approval from the Principal CIT, and conducted independent inquiries, forming a bona fide belief that income had escaped assessment. The applicant's claims of full disclosure and "borrowed satisfaction" were rejected, affirming the legality of the reopening process. The proceedings were deemed lawful, and the revenue's actions were justified. en-us Tue, 09 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406109 The HC dismissed the writ application, upholding the validity of the notice issued under Section 148 of the Income Tax Act for reopening the assessment. The court found that the Assessing Officer had duly recorded reasons, obtained necessary approval from the Principal CIT, and conducted independent inquiries, forming a bona fide belief that income had escaped assessment. The applicant's claims of full disclosure and "borrowed satisfaction" were rejected, affirming the legality of the reopening process. The proceedings were deemed lawful, and the revenue's actions were justified. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406109