https://www.taxtmi.com/caselaws?id=38717 The appellate court upheld the validity of the notice issued under section 148 of the Income-tax Act, 1961, rejecting the respondent's claim of full disclosure during the original assessment. It found that the successor Income-tax Officer had reasonable grounds to believe that the loans were not genuine, leading to the initiation of reassessment proceedings. The court determined that there was compliance with section 151(2) and dismissed the writ petition, ultimately setting aside the trial court's judgment and discharging the rule obtained by the respondent, with a temporary stay on the order's operation. en-us Tue, 21 Sep 1976 00:00:00 +0530 Thu, 08 Apr 2010 15:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38717 The appellate court upheld the validity of the notice issued under section 148 of the Income-tax Act, 1961, rejecting the respondent's claim of full disclosure during the original assessment. It found that the successor Income-tax Officer had reasonable grounds to believe that the loans were not genuine, leading to the initiation of reassessment proceedings. The court determined that there was compliance with section 151(2) and dismissed the writ petition, ultimately setting aside the trial court's judgment and discharging the rule obtained by the respondent, with a temporary stay on the order's operation. Case-Laws Income Tax Tue, 21 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38717