Reassessment notice issued within 6 years was valid if escaped income was likely to touch Rs. 1 lakh

IT : Where Assessing Officer while placing reasons recorded for approval of Commissioner prior to issuance of notice under section 148, recorded in Form No. ITNS-10 that income which escaped assessment was more than Rs. one lakh, statutory bar imposed against reopening of assessment under section 149(1)(b) would not operate in such a case