Reassessment notice was issued on the ground that source of investment in purchase of new house was not examined by the Assessing Officer in original assessment proceedings. Dismissing the petition the Court held that source of investment was not examined in the original assessment proceedings, issue of reassessment notice is valid in law. (AY. 2011-12)
N.S. Srinivasan v. CIT (2021) 283 Taxman 118 /( 2022) 440 ITR 367/ 211 DTR 327/ 325 CTR 521 (Mad.) (HC)
S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Purchase of house-Payment was made prior to sale existing house-Not examined the source of investment in new house-Reassessment notice was held to be justified. [S. 54, 59, 148, Art. 226]