https://www.taxtmi.com/caselaws?id=28305 The court upheld the Income Tax Officer's jurisdiction to issue notices under section 148 of the Income Tax Act, 1961 based on the belief that income had escaped assessment. Despite the petitioners' arguments regarding disclosure of interest payments to Hindu Undivided Families, the court found the ITO's actions valid under section 147(b) for reassessment. The petitions were dismissed, affirming the ITO's authority to issue reassessment notices based on new information, with each party bearing their own costs and any security deposit refunded to the petitioners. en-us Wed, 23 Feb 1983 00:00:00 +0530 Sat, 20 Feb 2010 12:36:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28305 The court upheld the Income Tax Officer's jurisdiction to issue notices under section 148 of the Income Tax Act, 1961 based on the belief that income had escaped assessment. Despite the petitioners' arguments regarding disclosure of interest payments to Hindu Undivided Families, the court found the ITO's actions valid under section 147(b) for reassessment. The petitions were dismissed, affirming the ITO's authority to issue reassessment notices based on new information, with each party bearing their own costs and any security deposit refunded to the petitioners. Case-Laws Income Tax Wed, 23 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28305