https://www.taxtmi.com/caselaws?id=420962 The court upheld the validity of the notice issued under Section 148 of the Income Tax Act, finding prima facie material for reopening the assessment due to new information on the petitioner's transactions with shell companies. The court determined that the petitioner failed to fully and truly disclose all material facts during the original assessment, justifying the reassessment. The court held that the reassessment was not a change of opinion but based on new information, dismissing the relevance of an ITAT order in a similar case. The writ petition was dismissed, affirming the legality of the notice and reassessment proceedings. en-us Mon, 11 Apr 2022 00:00:00 +0530 Mon, 22 Aug 2022 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420962 The court upheld the validity of the notice issued under Section 148 of the Income Tax Act, finding prima facie material for reopening the assessment due to new information on the petitioner's transactions with shell companies. The court determined that the petitioner failed to fully and truly disclose all material facts during the original assessment, justifying the reassessment. The court held that the reassessment was not a change of opinion but based on new information, dismissing the relevance of an ITAT order in a similar case. The writ petition was dismissed, affirming the legality of the notice and reassessment proceedings. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420962