https://www.taxtmi.com/caselaws?id=235954 The High Court quashed the reassessment notice and proceedings initiated under Section 148 of the Income Tax Act, 1961, for the assessment year 2006-07. The court found that the reassessment was based on a change of opinion by the Assessing Officer (AO) and lacked a bona fide belief, as the method of accounting and TDS certificates were already examined during the original assessment. The court emphasized the importance of the AO having tangible material indicating income escapement for reassessment, leading to the nullification of any assessment order based on the impugned notice. en-us Wed, 31 Jul 2013 00:00:00 +0530 Fri, 09 Aug 2013 07:42:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235954 The High Court quashed the reassessment notice and proceedings initiated under Section 148 of the Income Tax Act, 1961, for the assessment year 2006-07. The court found that the reassessment was based on a change of opinion by the Assessing Officer (AO) and lacked a bona fide belief, as the method of accounting and TDS certificates were already examined during the original assessment. The court emphasized the importance of the AO having tangible material indicating income escapement for reassessment, leading to the nullification of any assessment order based on the impugned notice. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235954