https://www.taxtmi.com/caselaws?id=250219 The court set aside the notice issued under Section 148 of the Income Tax Act for reopening the assessment for A.Y. 1997-98, as it found that there was no failure on the petitioner's part to disclose material facts necessary for assessment. The court concluded that the interest income in question belonged to another entity, and the petitioner had not earned any income from the securities during the relevant assessment year. The writ petition was allowed, and the court ruled in favor of the petitioner, stating that no income chargeable to tax had escaped assessment. en-us Wed, 16 Jul 2014 00:00:00 +0530 Wed, 06 Aug 2014 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250219 The court set aside the notice issued under Section 148 of the Income Tax Act for reopening the assessment for A.Y. 1997-98, as it found that there was no failure on the petitioner's part to disclose material facts necessary for assessment. The court concluded that the interest income in question belonged to another entity, and the petitioner had not earned any income from the securities during the relevant assessment year. The writ petition was allowed, and the court ruled in favor of the petitioner, stating that no income chargeable to tax had escaped assessment. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250219