https://www.taxtmi.com/caselaws?id=35823 The court ruled in favor of the petitioners, quashing the notices under Section 148 of the I.T. Act, 1961. The reopening of the assessment was deemed invalid as the valuation report used did not provide a reliable basis for back-calculating the cost of construction. The court found that the assessee had fully disclosed all material facts during the original assessment, and the notices under Section 148 were held to be defective. The lack of a rational basis and inadequate evidence led to the court declaring the reopening of the assessment invalid. en-us Mon, 05 May 1980 00:00:00 +0530 Wed, 17 Mar 2010 10:26:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35823 The court ruled in favor of the petitioners, quashing the notices under Section 148 of the I.T. Act, 1961. The reopening of the assessment was deemed invalid as the valuation report used did not provide a reliable basis for back-calculating the cost of construction. The court found that the assessee had fully disclosed all material facts during the original assessment, and the notices under Section 148 were held to be defective. The lack of a rational basis and inadequate evidence led to the court declaring the reopening of the assessment invalid. Case-Laws Income Tax Mon, 05 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35823