https://www.taxtmi.com/caselaws?id=752974 The Allahabad HC dismissed a writ petition challenging reassessment proceedings initiated under Section 148A. The petitioner contested the validity of reassessment based on information that a purchaser company did not exist. The court held that the assessing officer had sufficient information suggesting income escapement, including reports confirming non-existence of purchaser at four addresses, non-response to notices, and third-party statements during search proceedings. The court noted that the amended law replaced the stricter "reason to believe" test with a more subjective "suggestion" test for initiating reassessment. The petitioner's objection that the company remained active on MCA portal was deemed insufficient at this preliminary stage. Assessment proceedings may continue in accordance with law. en-us Wed, 15 May 2024 00:00:00 +0530 Thu, 29 Aug 2024 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752974 The Allahabad HC dismissed a writ petition challenging reassessment proceedings initiated under Section 148A. The petitioner contested the validity of reassessment based on information that a purchaser company did not exist. The court held that the assessing officer had sufficient information suggesting income escapement, including reports confirming non-existence of purchaser at four addresses, non-response to notices, and third-party statements during search proceedings. The court noted that the amended law replaced the stricter "reason to believe" test with a more subjective "suggestion" test for initiating reassessment. The petitioner's objection that the company remained active on MCA portal was deemed insufficient at this preliminary stage. Assessment proceedings may continue in accordance with law. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752974