https://www.taxtmi.com/caselaws?id=10075 The court quashed and set aside three notices issued under section 148 of the Income-tax Act for reopening assessments, ruling in favor of the petitioners. It was held that the jurisdictional conditions for initiating reassessment proceedings were not met, as there was no failure by the assessee to disclose material facts and the reasons for reopening assessments were based on a change of opinion rather than objective facts. The court emphasized the necessity of valid reasons supported by objective material for reopening assessments beyond the statutory period. en-us Wed, 04 Feb 2004 00:00:00 +0530 Tue, 07 Jul 2009 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10075 The court quashed and set aside three notices issued under section 148 of the Income-tax Act for reopening assessments, ruling in favor of the petitioners. It was held that the jurisdictional conditions for initiating reassessment proceedings were not met, as there was no failure by the assessee to disclose material facts and the reasons for reopening assessments were based on a change of opinion rather than objective facts. The court emphasized the necessity of valid reasons supported by objective material for reopening assessments beyond the statutory period. Case-Laws Income Tax Wed, 04 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10075