https://www.taxtmi.com/caselaws?id=37063 The court ruled in favor of the assessee, holding that the reopening of assessment under section 147(a) of the Income-tax Act, 1961 was not justified. The assessing officer's belief that income had escaped assessment was not adequately supported by direct evidence linking the assessee to the alleged bogus loans. The court distinguished the present case from precedents where specific details were provided to substantiate reopening assessments. As a result, the assessee was awarded costs amounting to Rs. 200. en-us Thu, 10 Jan 1980 00:00:00 +0530 Fri, 26 Mar 2010 11:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37063 The court ruled in favor of the assessee, holding that the reopening of assessment under section 147(a) of the Income-tax Act, 1961 was not justified. The assessing officer's belief that income had escaped assessment was not adequately supported by direct evidence linking the assessee to the alleged bogus loans. The court distinguished the present case from precedents where specific details were provided to substantiate reopening assessments. As a result, the assessee was awarded costs amounting to Rs. 200. Case-Laws Income Tax Thu, 10 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37063