https://www.taxtmi.com/caselaws?id=762742 The High Court dismissed the writ petition, allowing the Assessing Officer to proceed with re-assessment proceedings under the second notice issued under Section 148 of the Income Tax Act. The Court determined that the Assessing Officer was justified in initiating fresh proceedings based on findings from the Settlement Commission regarding non-disclosure of income, specifically accommodation entries. The Court found the petitioner's objections baseless, affirming the validity of the second notice. The Assessing Officer was instructed to expedite the final assessment order within three months, addressing the prolonged delay since 2005. All related miscellaneous applications were also resolved. en-us Thu, 28 Nov 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762742 The High Court dismissed the writ petition, allowing the Assessing Officer to proceed with re-assessment proceedings under the second notice issued under Section 148 of the Income Tax Act. The Court determined that the Assessing Officer was justified in initiating fresh proceedings based on findings from the Settlement Commission regarding non-disclosure of income, specifically accommodation entries. The Court found the petitioner's objections baseless, affirming the validity of the second notice. The Assessing Officer was instructed to expedite the final assessment order within three months, addressing the prolonged delay since 2005. All related miscellaneous applications were also resolved. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762742