https://www.taxtmi.com/caselaws?id=34982 The court upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act, finding that there was sufficient material for the Assessing Officer to reasonably believe that income had escaped assessment. The court also ruled that reassessment proceedings were permissible for periods covered under 'block assessment', emphasizing that block assessments do not preclude regular assessments or reassessments. Consequently, all writ petitions were dismissed, and the petitioner was ordered to pay consolidated costs of Rs. 10,000/- by the court. en-us Fri, 13 Nov 2009 00:00:00 +0530 Tue, 24 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34982 The court upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act, finding that there was sufficient material for the Assessing Officer to reasonably believe that income had escaped assessment. The court also ruled that reassessment proceedings were permissible for periods covered under 'block assessment', emphasizing that block assessments do not preclude regular assessments or reassessments. Consequently, all writ petitions were dismissed, and the petitioner was ordered to pay consolidated costs of Rs. 10,000/- by the court. Case-Laws Income Tax Fri, 13 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34982