https://www.taxtmi.com/caselaws?id=26385 The High Court of Karnataka ruled in favor of the Revenue, holding that the reassessment proceedings under section 147 of the Income-tax Act, 1961 were valid. The court emphasized that the Income-tax Officer had properly terminated the initial assessment proceedings against the assessee, and the failure to make a best judgment assessment did not affect the validity of the reassessment. The Tribunal's jurisdiction was questioned for examining completed assessment proceedings. Relying on Supreme Court precedents, the court concluded that the reassessment conducted by the Income-tax Officer was lawful, dismissing the assessee's appeals and directing each party to bear their own costs. en-us Wed, 09 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 16:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26385 The High Court of Karnataka ruled in favor of the Revenue, holding that the reassessment proceedings under section 147 of the Income-tax Act, 1961 were valid. The court emphasized that the Income-tax Officer had properly terminated the initial assessment proceedings against the assessee, and the failure to make a best judgment assessment did not affect the validity of the reassessment. The Tribunal's jurisdiction was questioned for examining completed assessment proceedings. Relying on Supreme Court precedents, the court concluded that the reassessment conducted by the Income-tax Officer was lawful, dismissing the assessee's appeals and directing each party to bear their own costs. Case-Laws Income Tax Wed, 09 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26385