https://www.taxtmi.com/caselaws?id=256856 The High Court upheld the decision to quash the reassessment for the assessment year 2004-2005 under section 147 of the Income Tax Act. The Court found that the reasons for reopening the assessment were vague and lacked a belief that income had escaped assessment. Both the CIT (Appeals) and the Tribunal determined that there was no justification for the reassessment, citing existing information from the original assessment. The Court referenced a previous decision by the Gujarat High Court and dismissed the appeal, stating that no substantial question of law arose for consideration. en-us Wed, 04 Feb 2015 00:00:00 +0530 Tue, 24 Feb 2015 06:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256856 The High Court upheld the decision to quash the reassessment for the assessment year 2004-2005 under section 147 of the Income Tax Act. The Court found that the reasons for reopening the assessment were vague and lacked a belief that income had escaped assessment. Both the CIT (Appeals) and the Tribunal determined that there was no justification for the reassessment, citing existing information from the original assessment. The Court referenced a previous decision by the Gujarat High Court and dismissed the appeal, stating that no substantial question of law arose for consideration. Case-Laws Income Tax Wed, 04 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256856