https://www.taxtmi.com/caselaws?id=339535 The court restrained the Revenue from taking further action on a notice seeking to reopen assessment for Assessment Year 2011-12. The court found that the reasons for reopening lacked a valid basis to believe income had escaped assessment, as the Assessing Officer did not conduct a proper inquiry. Additionally, the court noted that share premium, being on capital account, cannot be taxed as income. Therefore, the court concluded that the notice lacked jurisdiction, and the respondent was prohibited from proceeding until the final hearing of the petition. en-us Wed, 15 Feb 2017 00:00:00 +0530 Tue, 28 Feb 2017 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339535 The court restrained the Revenue from taking further action on a notice seeking to reopen assessment for Assessment Year 2011-12. The court found that the reasons for reopening lacked a valid basis to believe income had escaped assessment, as the Assessing Officer did not conduct a proper inquiry. Additionally, the court noted that share premium, being on capital account, cannot be taxed as income. Therefore, the court concluded that the notice lacked jurisdiction, and the respondent was prohibited from proceeding until the final hearing of the petition. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339535