https://www.taxtmi.com/caselaws?id=246100 The court quashed the notice for reopening the assessment as it was based on an incorrect reference to a provision not applicable to the petitioner's claim for exemption under section 54 of the Income Tax Act, rather than section 54E. The court emphasized that the reasons for reopening must be solely supported by the assessing officer's recorded grounds, leading to the petition being allowed. en-us Tue, 01 Apr 2014 00:00:00 +0530 Fri, 20 Feb 2015 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246100 The court quashed the notice for reopening the assessment as it was based on an incorrect reference to a provision not applicable to the petitioner's claim for exemption under section 54 of the Income Tax Act, rather than section 54E. The court emphasized that the reasons for reopening must be solely supported by the assessing officer's recorded grounds, leading to the petition being allowed. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246100