https://www.taxtmi.com/caselaws?id=407451 The court dismissed all writ petitions, upholding the validity of the reopening of assessments under Section 147 of the Income Tax Act. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment based on new materials and erroneous claims by the petitioner. The court emphasized that the sufficiency of reasons for reopening assessments is not a matter for the High Court to adjudicate in writ proceedings. The petitioner was granted the opportunity to present details of the sanctioned Resolution Plan under the IBC Code to the Income Tax authorities for further consideration. en-us Tue, 27 Apr 2021 00:00:00 +0530 Wed, 04 Aug 2021 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407451 The court dismissed all writ petitions, upholding the validity of the reopening of assessments under Section 147 of the Income Tax Act. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment based on new materials and erroneous claims by the petitioner. The court emphasized that the sufficiency of reasons for reopening assessments is not a matter for the High Court to adjudicate in writ proceedings. The petitioner was granted the opportunity to present details of the sanctioned Resolution Plan under the IBC Code to the Income Tax authorities for further consideration. Case-Laws Income Tax Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407451