https://www.taxtmi.com/caselaws?id=254421 The High Court dismissed the Revenue's appeal in a case concerning reassessment proceedings for the assessment year 2004-05 under Section 147 of the Income Tax Act. The Court upheld the Tribunal's decision that the jurisdictional preconditions were not met, as the assessee had fully disclosed material facts during the original assessment. The Court found discrepancies between the reasons recorded by the Assessing Officer for issuing the notice under Section 148 and the actual disclosures made by the assessee. Due to the failure to establish non-disclosure of material facts, the Court quashed the reassessment proceedings, emphasizing the factual inaccuracies in the reasons to believe. en-us Thu, 18 Dec 2014 00:00:00 +0530 Mon, 22 Dec 2014 06:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254421 The High Court dismissed the Revenue's appeal in a case concerning reassessment proceedings for the assessment year 2004-05 under Section 147 of the Income Tax Act. The Court upheld the Tribunal's decision that the jurisdictional preconditions were not met, as the assessee had fully disclosed material facts during the original assessment. The Court found discrepancies between the reasons recorded by the Assessing Officer for issuing the notice under Section 148 and the actual disclosures made by the assessee. Due to the failure to establish non-disclosure of material facts, the Court quashed the reassessment proceedings, emphasizing the factual inaccuracies in the reasons to believe. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254421