https://www.taxtmi.com/caselaws?id=259388 The court disposed of the challenge against a notice under section 148 of the Income-tax Act, 1961 for the assessment year 2008-09, citing the necessity of demonstrating arrangements leading to extraordinary profits for valid reassessment. The petitioner's objections were rejected by the Assessing Officer based on new material, prompting the petitioner to seek quashing of proceedings. The court emphasized the importance of specific allegations for reopening assessments and directed closure of reassessment proceedings with the possibility of revival. The judgment aimed to protect both parties' interests and allowed for potential reconsideration based on future developments. en-us Mon, 17 Nov 2014 00:00:00 +0530 Sat, 09 May 2015 11:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259388 The court disposed of the challenge against a notice under section 148 of the Income-tax Act, 1961 for the assessment year 2008-09, citing the necessity of demonstrating arrangements leading to extraordinary profits for valid reassessment. The petitioner's objections were rejected by the Assessing Officer based on new material, prompting the petitioner to seek quashing of proceedings. The court emphasized the importance of specific allegations for reopening assessments and directed closure of reassessment proceedings with the possibility of revival. The judgment aimed to protect both parties' interests and allowed for potential reconsideration based on future developments. Case-Laws Income Tax Mon, 17 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259388