https://www.taxtmi.com/caselaws?id=407824 The court upheld the validity of the sanction under Section 151 of the Act for reopening the assessment, finding that the authorities had given approval after due consideration. It also determined that the reasons for reopening were factually adequate and based on substantial information. The court held that there was a valid "reason to believe" that income had escaped assessment, with a live nexus between the information received and the material gathered. Reopening beyond four years was deemed permissible due to new information about penny stock transactions. The reassessment was justified, and the writ application was dismissed. en-us Thu, 13 May 2021 00:00:00 +0530 Tue, 22 Feb 2022 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407824 The court upheld the validity of the sanction under Section 151 of the Act for reopening the assessment, finding that the authorities had given approval after due consideration. It also determined that the reasons for reopening were factually adequate and based on substantial information. The court held that there was a valid "reason to believe" that income had escaped assessment, with a live nexus between the information received and the material gathered. Reopening beyond four years was deemed permissible due to new information about penny stock transactions. The reassessment was justified, and the writ application was dismissed. Case-Laws Income Tax Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407824