https://www.taxtmi.com/caselaws?id=171329 The court quashed the notice issued under Section 148 of the Income Tax Act, as well as subsequent proceedings, due to insufficient and vague reasons for reopening the assessment. The court found that the reasons recorded lacked a bona fide belief that income had escaped assessment and were based on unsubstantiated information, indicating an attempt at roving and fishing inquiries, which is impermissible. The court ruled the initiation of proceedings under Section 147 invalid and allowed the petition with no costs. en-us Fri, 04 Mar 2011 00:00:00 +0530 Fri, 21 Apr 2023 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171329 The court quashed the notice issued under Section 148 of the Income Tax Act, as well as subsequent proceedings, due to insufficient and vague reasons for reopening the assessment. The court found that the reasons recorded lacked a bona fide belief that income had escaped assessment and were based on unsubstantiated information, indicating an attempt at roving and fishing inquiries, which is impermissible. The court ruled the initiation of proceedings under Section 147 invalid and allowed the petition with no costs. Case-Laws Income Tax Fri, 04 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171329