https://www.taxtmi.com/caselaws?id=265247 The Tribunal quashed the notice issued under section 148 for reopening assessment for the AY 1999-2000, focusing on dividend income, capital loss, and household expenses. It emphasized that section 148 could not be used solely for verification purposes, requiring adherence to the time limit for issuing notices under Section 143(2) for scrutinizing disclosed income or loss. Consequently, the reassessment for the mentioned purposes was deemed impermissible, leading to the quashing of the notice and the assessment order. The Tribunal also ruled that penalties imposed under Section 271(1)(c) did not survive due to the invalid notice, allowing the assessee's appeal against the penalty. en-us Fri, 22 Aug 2014 00:00:00 +0530 Fri, 09 Oct 2015 07:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265247 The Tribunal quashed the notice issued under section 148 for reopening assessment for the AY 1999-2000, focusing on dividend income, capital loss, and household expenses. It emphasized that section 148 could not be used solely for verification purposes, requiring adherence to the time limit for issuing notices under Section 143(2) for scrutinizing disclosed income or loss. Consequently, the reassessment for the mentioned purposes was deemed impermissible, leading to the quashing of the notice and the assessment order. The Tribunal also ruled that penalties imposed under Section 271(1)(c) did not survive due to the invalid notice, allowing the assessee's appeal against the penalty. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265247