https://www.taxtmi.com/caselaws?id=428434 The court upheld the validity of the reassessment proceedings initiated by the Assessing Officer under Section 147 of the Income Tax Act. It ruled that the officer had the authority to reassess income that had escaped assessment based on a "reason to believe." The court found that the procedural requirements were met, the officer had jurisdiction to issue the notice under Section 148, and the reasons for reopening were sufficient. The judicial precedents cited by the appellant were deemed inapplicable. Therefore, the court dismissed the appeal, affirming the lawfulness of the reassessment in accordance with the Income Tax Act. en-us Thu, 01 Sep 2022 00:00:00 +0530 Mon, 27 Feb 2023 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428434 The court upheld the validity of the reassessment proceedings initiated by the Assessing Officer under Section 147 of the Income Tax Act. It ruled that the officer had the authority to reassess income that had escaped assessment based on a "reason to believe." The court found that the procedural requirements were met, the officer had jurisdiction to issue the notice under Section 148, and the reasons for reopening were sufficient. The judicial precedents cited by the appellant were deemed inapplicable. Therefore, the court dismissed the appeal, affirming the lawfulness of the reassessment in accordance with the Income Tax Act. Case-Laws Income Tax Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428434