https://www.taxtmi.com/caselaws?id=27011 The court held that the reassessment under section 147(a) for the assessment year 1964-65 was not valid. It found no escapement of tax and noted the legitimate nature of the business operations involving related entities. The court emphasized the lack of actual loss to revenue and the absence of sufficient grounds for reopening the assessment. Consequently, the court ruled against the validity of the reassessment, with each party bearing their own costs due to the unique circumstances of the case. en-us Fri, 10 May 1985 00:00:00 +0530 Wed, 10 Feb 2010 11:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27011 The court held that the reassessment under section 147(a) for the assessment year 1964-65 was not valid. It found no escapement of tax and noted the legitimate nature of the business operations involving related entities. The court emphasized the lack of actual loss to revenue and the absence of sufficient grounds for reopening the assessment. Consequently, the court ruled against the validity of the reassessment, with each party bearing their own costs due to the unique circumstances of the case. Case-Laws Income Tax Fri, 10 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27011