https://www.taxtmi.com/caselaws?id=461148 HC dismissed writ petition challenging reassessment proceedings under sections 143(3) and 148. Court held that HC's power under Article 226 is to scrutinize the process, not the decision itself. Department had reason to believe there was incomplete disclosure regarding bad debts claimed against capital gains after four years. Authority found insufficient time to verify transaction genuineness and improper set-off of business bad debts against capital gains. Since reassessment was completed in 2016 and four years elapsed, petitioner must approach competent authority for grievance redressal. en-us Thu, 22 Apr 2021 00:00:00 +0530 Mon, 17 Mar 2025 18:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461148 HC dismissed writ petition challenging reassessment proceedings under sections 143(3) and 148. Court held that HC's power under Article 226 is to scrutinize the process, not the decision itself. Department had reason to believe there was incomplete disclosure regarding bad debts claimed against capital gains after four years. Authority found insufficient time to verify transaction genuineness and improper set-off of business bad debts against capital gains. Since reassessment was completed in 2016 and four years elapsed, petitioner must approach competent authority for grievance redressal. Case-Laws Income Tax Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461148