https://www.taxtmi.com/caselaws?id=758285 Delhi HC held that reopening of assessment based solely on District Valuation Officer's report without proper application of mind by Assessing Officer is invalid. The AO failed to examine whether assessee had already declared property value under Fixed Assets and Capital WIP, merely relying on valuation report to conclude income escaped assessment. Court emphasized that proximity of reasons with belief of income escapement is determinative factor for reopening, and absence of proper reasons reduces matter to mere suspicion, which cannot justify reopening. Following Dhariya Construction Company precedent, notices under section 148 were quashed in favor of assessee. en-us Mon, 09 Sep 2024 00:00:00 +0530 Wed, 09 Jul 2025 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758285 Delhi HC held that reopening of assessment based solely on District Valuation Officer's report without proper application of mind by Assessing Officer is invalid. The AO failed to examine whether assessee had already declared property value under Fixed Assets and Capital WIP, merely relying on valuation report to conclude income escaped assessment. Court emphasized that proximity of reasons with belief of income escapement is determinative factor for reopening, and absence of proper reasons reduces matter to mere suspicion, which cannot justify reopening. Following Dhariya Construction Company precedent, notices under section 148 were quashed in favor of assessee. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758285