https://www.taxtmi.com/caselaws?id=220576 The court quashed the notice issued under Section 148 of the Income Tax Act, 1961, for reopening the assessment for the year 2003-04, finding it time-barred and a mere change of opinion. The court also ruled in favor of the petitioner regarding the incorrect allowances of deductions related to royalty received from foreign enterprises, export profits, profit and gains from newly established undertakings, and non-business expenditure, stating that all material facts were fully disclosed during the original assessment. The court concluded that there was no failure to disclose material facts and that the reopening was impermissible, ultimately allowing the writ petition with no order as to costs. en-us Thu, 24 Jan 2013 00:00:00 +0530 Fri, 28 Jun 2013 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220576 The court quashed the notice issued under Section 148 of the Income Tax Act, 1961, for reopening the assessment for the year 2003-04, finding it time-barred and a mere change of opinion. The court also ruled in favor of the petitioner regarding the incorrect allowances of deductions related to royalty received from foreign enterprises, export profits, profit and gains from newly established undertakings, and non-business expenditure, stating that all material facts were fully disclosed during the original assessment. The court concluded that there was no failure to disclose material facts and that the reopening was impermissible, ultimately allowing the writ petition with no order as to costs. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220576