https://www.taxtmi.com/caselaws?id=271154 The court held in favor of the petitioner, a registered company, in a case challenging the validity of a notice to re-open assessment for the Assessment Year 2010-11 based on the transfer of shares without consideration. The court found that the reasons recorded by the Assessing Officer lacked validity as the transfer did not incur tax liability under relevant statutory provisions. The court also ruled that the further proviso to section 48 of the Income Tax Act, relied upon by the Assessing Officer, was not applicable in this case. As a result, the court set aside the notice re-opening the assessment. en-us Mon, 18 Jan 2016 00:00:00 +0530 Thu, 28 Jan 2016 10:04:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271154 The court held in favor of the petitioner, a registered company, in a case challenging the validity of a notice to re-open assessment for the Assessment Year 2010-11 based on the transfer of shares without consideration. The court found that the reasons recorded by the Assessing Officer lacked validity as the transfer did not incur tax liability under relevant statutory provisions. The court also ruled that the further proviso to section 48 of the Income Tax Act, relied upon by the Assessing Officer, was not applicable in this case. As a result, the court set aside the notice re-opening the assessment. Case-Laws Income Tax Mon, 18 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271154