https://www.taxtmi.com/caselaws?id=338289 The High Court ruled in favor of the petitioner-assessee, quashing the notice under Section 148 of the Income Tax Act for the reassessment of AY 2009-10. The court found that the reassessment was unsustainable as the conditions for reopening beyond four years were not met, and there was no failure on the part of the assessee in disclosing material facts. The exemption under Section 54 B was not disturbed during reassessment, indicating no failure in disclosure. en-us Wed, 18 Jan 2017 00:00:00 +0530 Sun, 29 Jan 2017 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338289 The High Court ruled in favor of the petitioner-assessee, quashing the notice under Section 148 of the Income Tax Act for the reassessment of AY 2009-10. The court found that the reassessment was unsustainable as the conditions for reopening beyond four years were not met, and there was no failure on the part of the assessee in disclosing material facts. The exemption under Section 54 B was not disturbed during reassessment, indicating no failure in disclosure. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338289