https://www.taxtmi.com/caselaws?id=423093 The court dismissed the writ petition challenging a notice under Section 147 of the Income Tax Act and a re-assessment order. The court found fresh tangible material implicating the petitioner in trading penny stocks and manipulating share prices, contradicting the petitioner's argument of a change of opinion. Despite the lack of the Principal Commissioner's signature on the Form for recording reasons, a note in the file indicated approval, leading the court to conclude that prior sanction was on record. The court clarified it did not express any opinion on the merits, leaving all parties' rights and contentions open. en-us Wed, 25 May 2022 00:00:00 +0530 Fri, 27 May 2022 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423093 The court dismissed the writ petition challenging a notice under Section 147 of the Income Tax Act and a re-assessment order. The court found fresh tangible material implicating the petitioner in trading penny stocks and manipulating share prices, contradicting the petitioner's argument of a change of opinion. Despite the lack of the Principal Commissioner's signature on the Form for recording reasons, a note in the file indicated approval, leading the court to conclude that prior sanction was on record. The court clarified it did not express any opinion on the merits, leaving all parties' rights and contentions open. Case-Laws Income Tax Wed, 25 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423093