https://www.taxtmi.com/caselaws?id=10475 The court quashed the Assessing Officer's decision to reduce the tax payment period from 30 days to 7 days, citing lack of valid reasons and arbitrary exercise of power. The court emphasized the importance of recording reasons based on material facts and acting in conformity with statutory provisions. It noted that the Assessing Officer's decision had serious consequences for the petitioner, including potential penalties and interest, but found the reasons provided to be factually incorrect or unfounded. The court allowed the writ petition, with each party bearing their own costs. en-us Thu, 12 May 2005 00:00:00 +0530 Thu, 16 Jul 2009 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10475 The court quashed the Assessing Officer's decision to reduce the tax payment period from 30 days to 7 days, citing lack of valid reasons and arbitrary exercise of power. The court emphasized the importance of recording reasons based on material facts and acting in conformity with statutory provisions. It noted that the Assessing Officer's decision had serious consequences for the petitioner, including potential penalties and interest, but found the reasons provided to be factually incorrect or unfounded. The court allowed the writ petition, with each party bearing their own costs. Case-Laws Income Tax Thu, 12 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10475