https://www.taxtmi.com/caselaws?id=253719 The High Court dismissed the Revenue's appeal challenging the validity of a re-assessment notice under Section 148 read with Section 147 of the Income Tax Act, 1961 for the assessment year 2006-07. The Court found the Assessing Officer's reasons for initiating re-assessment lacked clarity and failed to establish a valid basis, particularly regarding provisions for accrued liabilities. Emphasizing the need for cogent material and a live link between reasons and opinion, the Court ruled that the re-assessment was invalid due to insufficient evidence of unascertained liabilities. en-us Fri, 21 Nov 2014 00:00:00 +0530 Tue, 02 Dec 2014 08:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253719 The High Court dismissed the Revenue's appeal challenging the validity of a re-assessment notice under Section 148 read with Section 147 of the Income Tax Act, 1961 for the assessment year 2006-07. The Court found the Assessing Officer's reasons for initiating re-assessment lacked clarity and failed to establish a valid basis, particularly regarding provisions for accrued liabilities. Emphasizing the need for cogent material and a live link between reasons and opinion, the Court ruled that the re-assessment was invalid due to insufficient evidence of unascertained liabilities. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253719