https://www.taxtmi.com/caselaws?id=33095 The court held that the initiation of reassessment proceedings based on the MODVAT credit balance was invalid as it did not provide a reasonable basis for believing that income had escaped assessment. Additionally, the Assessing Officer's inclusion of unrelated items in the reassessment was deemed beyond the scope of Section 147, leading to the invalidation of the reassessment order. The appeal was allowed, and the reassessment order was set aside with no orders as to cost. en-us Mon, 20 Apr 2009 00:00:00 +0530 Fri, 17 Jun 2016 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33095 The court held that the initiation of reassessment proceedings based on the MODVAT credit balance was invalid as it did not provide a reasonable basis for believing that income had escaped assessment. Additionally, the Assessing Officer's inclusion of unrelated items in the reassessment was deemed beyond the scope of Section 147, leading to the invalidation of the reassessment order. The appeal was allowed, and the reassessment order was set aside with no orders as to cost. Case-Laws Income Tax Mon, 20 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33095