https://www.taxtmi.com/caselaws?id=410603 The court upheld the validity of re-opening the assessment under Section 147/148 of the Income Tax Act, 1961, based on audit objections. It emphasized that if the Assessing Officer has reason to believe income has escaped assessment, it is sufficient for re-opening. The court found audit objections, even from a survey under Section 133A, to be valid grounds for re-assessment. The petitioner's arguments against re-opening and interest charges under Section 234B were dismissed. The court ruled in favor of the assessing authority, stating the petitioner could present their case during reassessment without costs. en-us Mon, 26 Jul 2021 00:00:00 +0530 Thu, 05 Aug 2021 08:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410603 The court upheld the validity of re-opening the assessment under Section 147/148 of the Income Tax Act, 1961, based on audit objections. It emphasized that if the Assessing Officer has reason to believe income has escaped assessment, it is sufficient for re-opening. The court found audit objections, even from a survey under Section 133A, to be valid grounds for re-assessment. The petitioner's arguments against re-opening and interest charges under Section 234B were dismissed. The court ruled in favor of the assessing authority, stating the petitioner could present their case during reassessment without costs. Case-Laws Income Tax Mon, 26 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410603