https://www.taxtmi.com/caselaws?id=412220 The court upheld the legality and validity of the notice issued under Section 148 of the Income Tax Act, 1961, for reopening the income tax assessment. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment and had applied an independent mind. The court determined that the assets introduced were not stock-in-trade but capital assets, justifying the reopening of the assessment under Section 147. Consequently, the court dismissed the writ applications, confirming the AO's jurisdiction and vacating the interim relief previously granted. en-us Wed, 08 Sep 2021 00:00:00 +0530 Tue, 16 Nov 2021 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412220 The court upheld the legality and validity of the notice issued under Section 148 of the Income Tax Act, 1961, for reopening the income tax assessment. It found that the Assessing Officer had valid reasons to believe that income had escaped assessment and had applied an independent mind. The court determined that the assets introduced were not stock-in-trade but capital assets, justifying the reopening of the assessment under Section 147. Consequently, the court dismissed the writ applications, confirming the AO's jurisdiction and vacating the interim relief previously granted. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412220