https://www.taxtmi.com/caselaws?id=775690 The HC upheld the reopening of assessment under Sections 147/148, finding that the AO had recorded a valid reason to believe income had escaped assessment based on tangible material from DIT(Investigation). The assessee's share allotment to paper companies raised suspicion warranting scrutiny. The Court rejected the contention that once returns are filed and accepted, reassessment is barred, emphasizing that the legislative intent permits reopening if false statements are discovered. The AO complied with procedural safeguards, including recording reasons and obtaining necessary sanctions. The assessee's objections lacked prima facie merit, and the writ petition was dismissed. en-us Mon, 21 Jul 2025 00:00:00 +0530 Thu, 24 Jul 2025 14:33:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775690 The HC upheld the reopening of assessment under Sections 147/148, finding that the AO had recorded a valid reason to believe income had escaped assessment based on tangible material from DIT(Investigation). The assessee's share allotment to paper companies raised suspicion warranting scrutiny. The Court rejected the contention that once returns are filed and accepted, reassessment is barred, emphasizing that the legislative intent permits reopening if false statements are discovered. The AO complied with procedural safeguards, including recording reasons and obtaining necessary sanctions. The assessee's objections lacked prima facie merit, and the writ petition was dismissed. Case-Laws Income Tax Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775690