https://www.taxtmi.com/caselaws?id=31099 The court quashed the notice under Section 147 for the assessment year 1982-83, as it lacked factual basis and evidence to support the belief that income had escaped assessment. The court emphasized the necessity of substantial evidence to justify claims of income escapement and highlighted the importance of factual substantiation in tax assessments. The judgment focused on allegations of misconduct related to steel procurement and sales, stressing the requirement for concrete material to initiate re-assessments based on suspicions of income escapement. en-us Tue, 26 Feb 2008 00:00:00 +0530 Sat, 18 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31099 The court quashed the notice under Section 147 for the assessment year 1982-83, as it lacked factual basis and evidence to support the belief that income had escaped assessment. The court emphasized the necessity of substantial evidence to justify claims of income escapement and highlighted the importance of factual substantiation in tax assessments. The judgment focused on allegations of misconduct related to steel procurement and sales, stressing the requirement for concrete material to initiate re-assessments based on suspicions of income escapement. Case-Laws Income Tax Tue, 26 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31099