https://www.taxtmi.com/caselaws?id=247741 The court ruled in favor of the petitioner, a company, in a challenge to a notice seeking to reopen assessment for the assessment year 1999-2000. The court emphasized that reasons for reopening must be recorded before issuing the notice and must be based on a valid belief that income has escaped assessment. In a related case involving the same assessee, the court found the Assessing Officer's belief regarding income escaping assessment to be invalid, leading to the quashing of the notice. The court ruled in favor of the petitioner without imposing any costs. en-us Wed, 23 Apr 2014 00:00:00 +0530 Fri, 20 Feb 2015 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247741 The court ruled in favor of the petitioner, a company, in a challenge to a notice seeking to reopen assessment for the assessment year 1999-2000. The court emphasized that reasons for reopening must be recorded before issuing the notice and must be based on a valid belief that income has escaped assessment. In a related case involving the same assessee, the court found the Assessing Officer's belief regarding income escaping assessment to be invalid, leading to the quashing of the notice. The court ruled in favor of the petitioner without imposing any costs. Case-Laws Income Tax Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247741