https://www.taxtmi.com/caselaws?id=234339 The court held that the notice issued under section 148 of the Income Tax Act, 1961 to reopen the assessment beyond the prescribed period was unjustified. The petitioner, a cooperative bank in liquidation, had disclosed the cancellation of its banking license and limited post-license activities in its return and records. As there was no failure to disclose material facts, the assessment could not be reopened beyond the stipulated time limit. The court quashed the notice, ruling in favor of the petitioner, the cooperative bank in liquidation. en-us Tue, 07 May 2013 00:00:00 +0530 Fri, 31 Jan 2014 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234339 The court held that the notice issued under section 148 of the Income Tax Act, 1961 to reopen the assessment beyond the prescribed period was unjustified. The petitioner, a cooperative bank in liquidation, had disclosed the cancellation of its banking license and limited post-license activities in its return and records. As there was no failure to disclose material facts, the assessment could not be reopened beyond the stipulated time limit. The court quashed the notice, ruling in favor of the petitioner, the cooperative bank in liquidation. Case-Laws Income Tax Tue, 07 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234339