https://www.taxtmi.com/caselaws?id=201322 HC quashed initiation of proceedings under s.147 and issuance of notice under s.148. The court found the AO had knowledge of four companies and did not show independent application of mind or that the companies were fictitious; material only indicated use as conduits. Given existence and banking transactions of those companies were undisputed and the principles in Lovely Exports applied, requiring the assessee to undergo full escape-assessment proceedings was unwarranted. No costs were awarded. en-us Mon, 18 Oct 2010 00:00:00 +0530 Tue, 26 Aug 2025 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201322 HC quashed initiation of proceedings under s.147 and issuance of notice under s.148. The court found the AO had knowledge of four companies and did not show independent application of mind or that the companies were fictitious; material only indicated use as conduits. Given existence and banking transactions of those companies were undisputed and the principles in Lovely Exports applied, requiring the assessee to undergo full escape-assessment proceedings was unwarranted. No costs were awarded. Case-Laws Income Tax Mon, 18 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201322