https://www.taxtmi.com/caselaws?id=35759 The High Court of Madhya Pradesh upheld the validity of reassessment proceedings under section 147(b) of the Income-tax Act, 1961. The court ruled in favor of the Income Tax Department, finding that the Income Tax Officer had jurisdiction to initiate proceedings based on new information indicating possible tax evasion by partners of the firm. The court clarified that the ITO's belief that income had escaped assessment could stem from information received after the original assessment, even if the information could have been discovered earlier. The court concluded that the reassessment against the assessee was valid, directing each party to bear their own costs. en-us Thu, 05 Feb 1981 00:00:00 +0530 Tue, 16 Mar 2010 14:22:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35759 The High Court of Madhya Pradesh upheld the validity of reassessment proceedings under section 147(b) of the Income-tax Act, 1961. The court ruled in favor of the Income Tax Department, finding that the Income Tax Officer had jurisdiction to initiate proceedings based on new information indicating possible tax evasion by partners of the firm. The court clarified that the ITO's belief that income had escaped assessment could stem from information received after the original assessment, even if the information could have been discovered earlier. The court concluded that the reassessment against the assessee was valid, directing each party to bear their own costs. Case-Laws Income Tax Thu, 05 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35759