https://www.taxtmi.com/caselaws?id=449011 The HC dismissed the writ petition challenging the reassessment proceedings under Section 148 of the Income Tax Act, 1961 for the Assessment Year 2016-17. The court allowed the reassessment to proceed, emphasizing the need for bonafide satisfaction regarding income escapement. The petitioner can raise objections during the reassessment, and the revenue authorities are required to address these objections on their merits, ensuring a fair hearing. The judgment highlights the importance of verifying the nature of purchases and the procedural fairness in reassessment. en-us Thu, 25 Jan 2024 00:00:00 +0530 Sat, 03 Feb 2024 08:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449011 The HC dismissed the writ petition challenging the reassessment proceedings under Section 148 of the Income Tax Act, 1961 for the Assessment Year 2016-17. The court allowed the reassessment to proceed, emphasizing the need for bonafide satisfaction regarding income escapement. The petitioner can raise objections during the reassessment, and the revenue authorities are required to address these objections on their merits, ensuring a fair hearing. The judgment highlights the importance of verifying the nature of purchases and the procedural fairness in reassessment. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449011