https://www.taxtmi.com/caselaws?id=38695 The High Court of Calcutta ruled in a case regarding a notice under section 148 of the Income-tax Act, 1961 for reassessment of the assessment year 1961-62. The court held that the Income-tax Officer did not have a valid reasonable belief or material to support the claim of income escaping assessment. The court emphasized that the Officer must independently form a belief based on reliable information before initiating reassessment proceedings. Consequently, the court set aside and quashed the impugned notice and all related assessment proceedings, making the rule absolute with no costs and staying the operation of the order for a fortnight. en-us Fri, 22 Mar 1974 00:00:00 +0530 Thu, 08 Apr 2010 13:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38695 The High Court of Calcutta ruled in a case regarding a notice under section 148 of the Income-tax Act, 1961 for reassessment of the assessment year 1961-62. The court held that the Income-tax Officer did not have a valid reasonable belief or material to support the claim of income escaping assessment. The court emphasized that the Officer must independently form a belief based on reliable information before initiating reassessment proceedings. Consequently, the court set aside and quashed the impugned notice and all related assessment proceedings, making the rule absolute with no costs and staying the operation of the order for a fortnight. Case-Laws Income Tax Fri, 22 Mar 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38695