https://www.taxtmi.com/caselaws?id=263268 The High Court, in a case concerning reassessment proceedings under the U.P. Trade Tax Act, found that the assessing authority lacked a rational basis to believe that turnover had escaped assessment. The Court determined that the production figures and melting loss were misinterpreted, leading to the quashing of the notice for reassessment and the permission granted by the Additional Commissioner. Consequently, the Court ruled in favor of the petitioner, emphasizing the necessity of foundational requirements for initiating reassessment proceedings and the importance of a rational connection between the material available and the belief formed by the assessing authority. en-us Wed, 26 Aug 2015 00:00:00 +0530 Tue, 07 Jun 2016 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263268 The High Court, in a case concerning reassessment proceedings under the U.P. Trade Tax Act, found that the assessing authority lacked a rational basis to believe that turnover had escaped assessment. The Court determined that the production figures and melting loss were misinterpreted, leading to the quashing of the notice for reassessment and the permission granted by the Additional Commissioner. Consequently, the Court ruled in favor of the petitioner, emphasizing the necessity of foundational requirements for initiating reassessment proceedings and the importance of a rational connection between the material available and the belief formed by the assessing authority. Case-Laws VAT and Sales Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263268