https://www.taxtmi.com/caselaws?id=258950 The court held that the notices issued under Section 148 of the Income Tax Act were invalid as they lacked tangible reasons for reopening the assessment beyond the four-year period. It was deemed that there was no new material to support the reopening. Additionally, the court ruled that share premium cannot be considered as income chargeable to tax based on relevant case law and circulars. The petitioner was found to have adequately disclosed all necessary information during the assessment proceedings, leading the court to conclude that there was no justification for the reopening of the assessment. The court allowed both writ petitions and set aside the notices and orders without costs. en-us Fri, 27 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258950 The court held that the notices issued under Section 148 of the Income Tax Act were invalid as they lacked tangible reasons for reopening the assessment beyond the four-year period. It was deemed that there was no new material to support the reopening. Additionally, the court ruled that share premium cannot be considered as income chargeable to tax based on relevant case law and circulars. The petitioner was found to have adequately disclosed all necessary information during the assessment proceedings, leading the court to conclude that there was no justification for the reopening of the assessment. The court allowed both writ petitions and set aside the notices and orders without costs. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258950