https://www.taxtmi.com/caselaws?id=351342 The Court invalidated a reassessment notice for the assessment year 2007-08 due to vague reasons and lack of tangible material, following precedents and the Supreme Court ruling in Commissioner of Income Tax vs. Kelvinator of India Ltd. The notice, based on unexplained cash transactions, failed to meet the standards under Section 147/148 of the Income Tax Act. As the notice lacked necessary tangible material post-assessment or intimation under Section 143(1), it was deemed invalid and quashed, ruling in favor of the petitioner. en-us Tue, 21 Mar 2017 00:00:00 +0530 Thu, 23 Nov 2017 13:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351342 The Court invalidated a reassessment notice for the assessment year 2007-08 due to vague reasons and lack of tangible material, following precedents and the Supreme Court ruling in Commissioner of Income Tax vs. Kelvinator of India Ltd. The notice, based on unexplained cash transactions, failed to meet the standards under Section 147/148 of the Income Tax Act. As the notice lacked necessary tangible material post-assessment or intimation under Section 143(1), it was deemed invalid and quashed, ruling in favor of the petitioner. Case-Laws Income Tax Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351342