https://www.taxtmi.com/caselaws?id=325504 The court held that the Assessment Order under section 144 was without jurisdiction due to the failure to serve mandatory notices and lack of valid reason for escaped assessment. The court set aside the Assessment Order, emphasizing the necessity of proper notice service and a valid reason for assessment. It clarified that capital gains tax liability, if any, would be with the shareholders who transferred shares, not the Petitioner company. The court left open the possibility for the Revenue to pursue action against shareholders if warranted. en-us Fri, 18 Mar 2016 00:00:00 +0530 Mon, 02 May 2016 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325504 The court held that the Assessment Order under section 144 was without jurisdiction due to the failure to serve mandatory notices and lack of valid reason for escaped assessment. The court set aside the Assessment Order, emphasizing the necessity of proper notice service and a valid reason for assessment. It clarified that capital gains tax liability, if any, would be with the shareholders who transferred shares, not the Petitioner company. The court left open the possibility for the Revenue to pursue action against shareholders if warranted. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325504