https://www.taxtmi.com/caselaws?id=36844 The High Court of Punjab and Haryana ruled in favor of the assessee, declaring the reassessment and notice issuance unauthorized under the law. The Court found that the Income Tax Officer lacked valid grounds to believe income had escaped assessment, as the available information did not support the reassessment. The Tribunal concluded that the reassessment notice was based on an illegal exercise of authority and quashed the proceedings, emphasizing the importance of valid grounds and proper information for initiating reassessment proceedings under Section 147(b) of the Income-tax Act, 1961. en-us Tue, 12 Feb 1980 00:00:00 +0530 Thu, 25 Mar 2010 10:14:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36844 The High Court of Punjab and Haryana ruled in favor of the assessee, declaring the reassessment and notice issuance unauthorized under the law. The Court found that the Income Tax Officer lacked valid grounds to believe income had escaped assessment, as the available information did not support the reassessment. The Tribunal concluded that the reassessment notice was based on an illegal exercise of authority and quashed the proceedings, emphasizing the importance of valid grounds and proper information for initiating reassessment proceedings under Section 147(b) of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 12 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36844