https://www.taxtmi.com/caselaws?id=407812 The court upheld the validity of the sanction under Section 151 of the Income Tax Act, finding that the necessary approval was obtained with due application of mind. It also determined that the reasons for reopening the assessment were accurate, based on independent inquiries into penny stock transactions. The court held that there was a valid reason to believe that income had escaped assessment, emphasizing the connection between received information and gathered material. Ultimately, the court dismissed the writ application, affirming the legitimacy of the assessment reopening under Section 147 of the Act. en-us Mon, 15 Mar 2021 00:00:00 +0530 Sat, 22 May 2021 08:25:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407812 The court upheld the validity of the sanction under Section 151 of the Income Tax Act, finding that the necessary approval was obtained with due application of mind. It also determined that the reasons for reopening the assessment were accurate, based on independent inquiries into penny stock transactions. The court held that there was a valid reason to believe that income had escaped assessment, emphasizing the connection between received information and gathered material. Ultimately, the court dismissed the writ application, affirming the legitimacy of the assessment reopening under Section 147 of the Act. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407812