https://www.taxtmi.com/caselaws?id=209375 The High Court quashed the notice issued under section 148 of the Income Tax Act, 1961 for the assessment year 1993-94, citing lack of legal basis and unjustified reopening. The court found that all material facts were disclosed by the petitioner, and the Assessing Officer's jurisdiction to reopen the assessment beyond the statutory period was deemed invalid. The court also determined that the interest and depreciation on the received amount had been adequately considered in previous proceedings, ultimately leading to the quashing of the notice without costs. en-us Tue, 19 Oct 2010 00:00:00 +0530 Sat, 20 Jul 2013 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209375 The High Court quashed the notice issued under section 148 of the Income Tax Act, 1961 for the assessment year 1993-94, citing lack of legal basis and unjustified reopening. The court found that all material facts were disclosed by the petitioner, and the Assessing Officer's jurisdiction to reopen the assessment beyond the statutory period was deemed invalid. The court also determined that the interest and depreciation on the received amount had been adequately considered in previous proceedings, ultimately leading to the quashing of the notice without costs. Case-Laws Income Tax Tue, 19 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209375