https://www.taxtmi.com/caselaws?id=30767 The High Court dismissed the appeal challenging the reassessment for the assessment year 1996-97. The Court upheld the Tribunal's decision that the reassessment lacked jurisdiction as it solely relied on the Valuation Officer's report without the Assessing Officer forming an independent belief of income escapement. The Court found that using rates from a later year for construction made in prior years was irrelevant, and there was no valid material supporting the belief of underdisclosure. Consequently, the reassessment proceedings were deemed flawed and without jurisdiction, leading to the appeal's dismissal. en-us Wed, 04 Jan 2006 00:00:00 +0530 Tue, 23 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30767 The High Court dismissed the appeal challenging the reassessment for the assessment year 1996-97. The Court upheld the Tribunal's decision that the reassessment lacked jurisdiction as it solely relied on the Valuation Officer's report without the Assessing Officer forming an independent belief of income escapement. The Court found that using rates from a later year for construction made in prior years was irrelevant, and there was no valid material supporting the belief of underdisclosure. Consequently, the reassessment proceedings were deemed flawed and without jurisdiction, leading to the appeal's dismissal. Case-Laws Income Tax Wed, 04 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30767