https://www.taxtmi.com/caselaws?id=421525 The court upheld the validity of the notice issued under Section 148 of the Income Tax Act, 1961, for reassessment of the Assessment Year 2016-2017, finding it based on specific information rather than a change of opinion. It determined that the reassessment proceedings were not founded on a change of opinion but on new information indicating non-genuine transactions by the petitioner. The court also concluded that the Joint Commissioner of Income Tax had applied his mind while granting sanction under Section 151, and the reassessment proceedings were initiated on credible tangible material, dismissing the writ petition and denying continuation of ad-interim protection. en-us Fri, 22 Apr 2022 00:00:00 +0530 Mon, 22 Aug 2022 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421525 The court upheld the validity of the notice issued under Section 148 of the Income Tax Act, 1961, for reassessment of the Assessment Year 2016-2017, finding it based on specific information rather than a change of opinion. It determined that the reassessment proceedings were not founded on a change of opinion but on new information indicating non-genuine transactions by the petitioner. The court also concluded that the Joint Commissioner of Income Tax had applied his mind while granting sanction under Section 151, and the reassessment proceedings were initiated on credible tangible material, dismissing the writ petition and denying continuation of ad-interim protection. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421525