https://www.taxtmi.com/caselaws?id=28147 The court found that the Income Tax Officer (ITO) lacked jurisdiction to issue a reassessment notice under Section 147(b) of the Income Tax Act, as there was no valid reason to believe income had escaped assessment. The court ruled that the ITO failed to establish understatement of consideration, rendering the invocation of Sections 52(1) and 52(2) invalid. Consequently, the reassessment proceedings were deemed without jurisdiction, and the court quashed the notice, restraining further action by the respondent and awarding costs to the petitioner. en-us Tue, 11 Jan 1983 00:00:00 +0530 Fri, 19 Feb 2010 12:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28147 The court found that the Income Tax Officer (ITO) lacked jurisdiction to issue a reassessment notice under Section 147(b) of the Income Tax Act, as there was no valid reason to believe income had escaped assessment. The court ruled that the ITO failed to establish understatement of consideration, rendering the invocation of Sections 52(1) and 52(2) invalid. Consequently, the reassessment proceedings were deemed without jurisdiction, and the court quashed the notice, restraining further action by the respondent and awarding costs to the petitioner. Case-Laws Income Tax Tue, 11 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28147