https://www.taxtmi.com/caselaws?id=341094 The court quashed the reassessment notice issued under Sections 147/148 of the Income Tax Act for AY 1997-98 to 2001-02, as it was solely based on a statement by Mr. Sanjay Rastogi implicating entities, including M/s Hallmark Healthcare Ltd., without directly implicating the petitioner. The court found no proximate link between the fresh material and the petitioner's income, as the petitioner's explanations had been accepted in a previous assessment year. Consequently, the court ruled in favor of the petitioner, quashing the notice and all related proceedings. en-us Thu, 09 Mar 2017 00:00:00 +0530 Sat, 13 May 2017 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341094 The court quashed the reassessment notice issued under Sections 147/148 of the Income Tax Act for AY 1997-98 to 2001-02, as it was solely based on a statement by Mr. Sanjay Rastogi implicating entities, including M/s Hallmark Healthcare Ltd., without directly implicating the petitioner. The court found no proximate link between the fresh material and the petitioner's income, as the petitioner's explanations had been accepted in a previous assessment year. Consequently, the court ruled in favor of the petitioner, quashing the notice and all related proceedings. Case-Laws Income Tax Thu, 09 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341094