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of <h1>Reassessment notice quashed as no material omission in return</h1> <h3>Ved Parkash Paliwal Versus Assistant Commissioner of Income Tax Circle, Panipat & another</h3> Ved Parkash Paliwal Versus Assistant Commissioner of Income Tax Circle, Panipat & another - TMI Issues involved: The petition was filed for quashing a notice for reassessment u/s 148 of the Income Tax Act, 1961. The main issue was whether the reassessment was valid after more than four years from the expiry of the assessment year.Details of the Judgment:Issue 1: Validity of Notice for ReassessmentThe notice for reassessment was issued more than four years after the completion of the assessment. The notice alleged escapement of income due to speculative transactions and interest deductions. The petitioner argued that reassessment was proposed on merits by change of opinion, not due to failure of the assessee to disclose material. The court held that reassessment after the expiry of four years was not permissible if there was no omission of material in the return. As there was no failure to disclose material, the notice for reassessment was deemed without jurisdiction, rendering the assessment order also without jurisdiction.Outcome:The petition was allowed, and the impugned notice and order of reassessment were quashed. The court clarified that the order would not prevent the passing of any fresh order if permissible under the law. The petition was disposed of accordingly.
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