TMI Blog2001 (2) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... ice issued under section 148 of the Income-tax Act, 1961 (annexure XIV), dated March 30, 1993, for the assessment year 1988-89 by the Assistant Commissioner of Income-tax, Circle-I, Ujjain, is legal or not ? The challenge to the impugned notice issued under section 148 of the Income-tax Act for reassessment for the assessment year 1988-89 was that firstly no reasons are assigned and even if assign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, there is a clear cut vast difference in the value shown and the value estimated by the Departmental Valuation Officer. Thus, I have reason to believe that there is escapement of income. Issue notice under section 148 of the Income-tax Act, 1961, for the assessment year 1988-89. (Asst. Commissioner of Income-tax, Circle-1, Ujjain.") None appeared for the petitioner. Heard Shri Patankar wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the report submitted by the Valuation Officer to whom the matter of valuation of the petitioner's property was referred. Even the objection filed by the petitioner to the valuation report has been rejected. The petitioner has already filed the return pursuant to the impugned notice and hence the same has to be processed in accordance with law applicable to reassessment proceedings. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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