Validity of reassessment has to be decided with reference to reasons recorded while re-opening an assessment

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF BOMBAY, IN THE CASE OF : Purity Tech Textile Pvt. Ltd. Vs ACIT, Appeal No: W. P. No. 268 & 269 of 2010, DECIDED ON: February 8, 2010 RELEVANT PARAGRAPH 12. Section 147 provides that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of Sections 148 to 163 assess or re ­assess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings...