Reassessment based on material giving rise to reason to believe is valid

S. Rajalakshmi Vs ITO (Bombay High Court) Conclusion: Reassessment made by AO was valid as assessee was unable to explain the source of income from which investments had been made by furnishing her bank statements and AO clearly had reason to believe that income of assessee with reference to these three investments had escaped assessment. Held: In the assessment proceedings against son of assessee, the investments made in three Mutual Funds (Birla Mutual Fund, Standard Chartered Mutual Fund and Standard Chartered Mutual Fund) were brought to tax in the hands of son of assessee. Assessee’s so...