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2009 (11) TMI 397 - KERALA HIGH COURTReassessment- whether the Income-tax Appellate Tribunal was justified in cancelling the reassessment proceedings completed against the assessee under section 147 for the reason that the officer had no justification to reopen the original assessment. Held that-at the time of regular assessment, the officer did not have any material to assume that the investment was over and above what was accounted by the assessee. However, the officer was free to refer the building for valuation and the valuation and the valuation report was certainly a specified information which could constitute the basis for reopening the assessment. The reassessment proceeding were valid.
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