https://www.taxtmi.com/caselaws?id=337548 The High Court dismissed the appeal under Section 260A of the Income Tax Act, affirming the decision in favor of the Assessee against the Revenue. The Court held that the Assessing Officer (AO) had no grounds to reopen the assessment under Section 147 as the material regarding share application money was already disclosed in the accounts books. The Court found that the AO's actions constituted a gross error of law, following a previous judgment ruling in favor of the Assessee in a similar matter. The notice under Section 148 was deemed invalid, and the appeal was decided in favor of the Assessee based on the previous judgment. en-us Thu, 21 Jul 2016 00:00:00 +0530 Mon, 09 Jan 2017 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337548 The High Court dismissed the appeal under Section 260A of the Income Tax Act, affirming the decision in favor of the Assessee against the Revenue. The Court held that the Assessing Officer (AO) had no grounds to reopen the assessment under Section 147 as the material regarding share application money was already disclosed in the accounts books. The Court found that the AO's actions constituted a gross error of law, following a previous judgment ruling in favor of the Assessee in a similar matter. The notice under Section 148 was deemed invalid, and the appeal was decided in favor of the Assessee based on the previous judgment. Case-Laws Income Tax Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337548