https://www.taxtmi.com/caselaws?id=215196 The court ruled in favor of the petitioner, a private limited company in the business of Industrial Gases, in a case challenging the reopening of assessment for the assessment year 1996-1997 under section 147 of the Income Tax Act, 1961. The court held that the notice seeking to reopen the assessment was issued beyond the prescribed period and lacked grounds of the petitioner's failure to disclose material facts. The court emphasized that the reasons for reopening should demonstrate such failure, rather than focusing on the nature of expenditures claimed. Consequently, the court quashed the notice, declaring it unauthorized under the law. en-us Mon, 18 Jun 2012 00:00:00 +0530 Thu, 06 Sep 2012 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215196 The court ruled in favor of the petitioner, a private limited company in the business of Industrial Gases, in a case challenging the reopening of assessment for the assessment year 1996-1997 under section 147 of the Income Tax Act, 1961. The court held that the notice seeking to reopen the assessment was issued beyond the prescribed period and lacked grounds of the petitioner's failure to disclose material facts. The court emphasized that the reasons for reopening should demonstrate such failure, rather than focusing on the nature of expenditures claimed. Consequently, the court quashed the notice, declaring it unauthorized under the law. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215196