https://www.taxtmi.com/caselaws?id=338298 The court invalidated the notice under Section 148 of the Income Tax Act, 1961, as there was no tangible material to support the belief that income chargeable to tax had escaped assessment for the petitioner. The court highlighted that the allegations primarily concerned another individual and group, with the petitioner's involvement limited to a single transaction where payment was made by cheques without any "on money" payments. Consequently, the reassessment proceedings were quashed, and the petitioner's petition was allowed, leading to the invalidation of the notice under Section 148. en-us Wed, 28 Dec 2016 00:00:00 +0530 Tue, 31 Jan 2017 06:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338298 The court invalidated the notice under Section 148 of the Income Tax Act, 1961, as there was no tangible material to support the belief that income chargeable to tax had escaped assessment for the petitioner. The court highlighted that the allegations primarily concerned another individual and group, with the petitioner's involvement limited to a single transaction where payment was made by cheques without any "on money" payments. Consequently, the reassessment proceedings were quashed, and the petitioner's petition was allowed, leading to the invalidation of the notice under Section 148. Case-Laws Income Tax Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338298