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of The High Court quashed the reopening notice issued by the Assessing Officer u/s 148 for reassessment beyond the period of four years. The assessee had filed returns disclosing long-term capital gains from the sale of land, which was subjected to scrutiny during the regular assessment. The Court held that the Assessing Officer lacked jurisdiction to reopen the assessment as there was no failure on the assessee's part to disclose fully and truly all material facts relevant for the assessment. The reasons recorded by the Assessing Officer were incorrect, based on assumptions and presumptions without any basis. The Court ruled that the reopening notice was impermissibly issued based on an audit objection, without any fresh tangible information available to the Assessing Officer to justify reopening an assessment already completed u/s 143(3) after more than four years. Consequently, the impugned notice u/s 148 was quashed in favor of the assessee.
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