https://www.taxtmi.com/caselaws?id=28399 The High Court upheld the validity of reassessment under section 147 of the Income-tax Act, 1961, even if completed on grounds falling under section 147(b) beyond the prescribed period, as long as the notice under section 147(a) was validly issued. The Court rejected the assessee's argument that the notice was a colorable exercise of power, emphasizing that the assessee had withdrawn the challenge to the notice's legality before the appellate authorities. The Court ruled in favor of the Revenue, allowing the completion of reassessment based on section 147(b) grounds, despite being made beyond the statutory period. en-us Thu, 20 Jan 1983 00:00:00 +0530 Mon, 22 Feb 2010 12:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28399 The High Court upheld the validity of reassessment under section 147 of the Income-tax Act, 1961, even if completed on grounds falling under section 147(b) beyond the prescribed period, as long as the notice under section 147(a) was validly issued. The Court rejected the assessee's argument that the notice was a colorable exercise of power, emphasizing that the assessee had withdrawn the challenge to the notice's legality before the appellate authorities. The Court ruled in favor of the Revenue, allowing the completion of reassessment based on section 147(b) grounds, despite being made beyond the statutory period. Case-Laws Income Tax Thu, 20 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28399