https://www.taxtmi.com/caselaws?id=196278 The court quashed the re-assessment notices issued by the Income Tax Authorities under Sections 147/148 of the Income Tax Act, finding them lacking valid reasons and tangible evidence for considering transactions as suspicious. Emphasizing the need for objective reasons supported by concrete evidence, the court ruled in favor of the petitioner, citing that reopening assessments without new material or valid reasons is insufficient. As a result, the court allowed the writ petitions, leading to the cancellation of the re-assessment notices based on suspicious transactions. en-us Tue, 18 Oct 2016 00:00:00 +0530 Fri, 24 Nov 2017 06:31:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196278 The court quashed the re-assessment notices issued by the Income Tax Authorities under Sections 147/148 of the Income Tax Act, finding them lacking valid reasons and tangible evidence for considering transactions as suspicious. Emphasizing the need for objective reasons supported by concrete evidence, the court ruled in favor of the petitioner, citing that reopening assessments without new material or valid reasons is insufficient. As a result, the court allowed the writ petitions, leading to the cancellation of the re-assessment notices based on suspicious transactions. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196278