https://www.taxtmi.com/caselaws?id=272005 The High Court held that the Assessing Officer must have a "reason to believe" that income has escaped assessment, even if the original assessment was completed under Section 143(1) of the Income Tax Act. The court emphasized the importance of this condition for issuing reopening notices. Additionally, the court found that charging share premium above intrinsic value cannot be taxed as income, based on previous decisions. The court emphasized that each case must be evaluated independently, and decisions regarding share premium in one case should apply to the present case. Interim relief was granted, and the petition was scheduled for final hearing. en-us Wed, 10 Feb 2016 00:00:00 +0530 Tue, 19 May 2026 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272005 The High Court held that the Assessing Officer must have a "reason to believe" that income has escaped assessment, even if the original assessment was completed under Section 143(1) of the Income Tax Act. The court emphasized the importance of this condition for issuing reopening notices. Additionally, the court found that charging share premium above intrinsic value cannot be taxed as income, based on previous decisions. The court emphasized that each case must be evaluated independently, and decisions regarding share premium in one case should apply to the present case. Interim relief was granted, and the petition was scheduled for final hearing. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272005