https://www.taxtmi.com/caselaws?id=225138 The court set aside and quashed the notice under Section 148 of the Income Tax Act for re-opening assessment for the assessment year 2004-05, as the reason for initiating the proceedings was deemed invalid. The court ruled in favor of the petitioner, emphasizing that the approval required for exemption under Section 10(23G) should pertain to the investee company, not the investor company. Since the investee company had obtained the necessary approval as per the provisions of the Income Tax Act and Rules, the reassessment proceedings were considered unnecessary and invalid. en-us Fri, 05 Apr 2013 00:00:00 +0530 Wed, 23 Oct 2013 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=225138 The court set aside and quashed the notice under Section 148 of the Income Tax Act for re-opening assessment for the assessment year 2004-05, as the reason for initiating the proceedings was deemed invalid. The court ruled in favor of the petitioner, emphasizing that the approval required for exemption under Section 10(23G) should pertain to the investee company, not the investor company. Since the investee company had obtained the necessary approval as per the provisions of the Income Tax Act and Rules, the reassessment proceedings were considered unnecessary and invalid. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=225138