https://www.taxtmi.com/caselaws?id=9241 The High Court of Calcutta ruled in favor of the respondent company in a case challenging the validity of a notice issued under section 148 of the Income-tax Act, 1961. The court held that the company had adequately disclosed material facts during the original assessment through the balance-sheet and detailed information on machinery sales, rejecting the revenue's argument of non-disclosure of profits. The court emphasized that the notice was issued in excess of jurisdiction, quashing any assessment proceedings conducted during the appeal and dismissing the revenue's appeal without costs. en-us Wed, 18 Jul 1973 00:00:00 +0530 Sat, 20 Jun 2009 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9241 The High Court of Calcutta ruled in favor of the respondent company in a case challenging the validity of a notice issued under section 148 of the Income-tax Act, 1961. The court held that the company had adequately disclosed material facts during the original assessment through the balance-sheet and detailed information on machinery sales, rejecting the revenue's argument of non-disclosure of profits. The court emphasized that the notice was issued in excess of jurisdiction, quashing any assessment proceedings conducted during the appeal and dismissing the revenue's appeal without costs. Case-Laws Income Tax Wed, 18 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9241