https://www.taxtmi.com/caselaws?id=355795 The court ruled in favor of the petitioner, finding that the show cause notice issued by the Deputy Commissioner of Income Tax to reopen the Assessment Year 2010-11 under Section 148 of the Income Tax Act lacked jurisdiction. The court noted that the reasons for the notice, related to undervaluation of shares, had already been considered during the initial assessment, and there were insufficient grounds to believe that income had escaped assessment. As a result, the court granted interim relief to the petitioner, holding that the notice appeared to be a change of opinion and lacked legal basis. en-us Thu, 08 Feb 2018 00:00:00 +0530 Mon, 19 Feb 2018 08:44:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355795 The court ruled in favor of the petitioner, finding that the show cause notice issued by the Deputy Commissioner of Income Tax to reopen the Assessment Year 2010-11 under Section 148 of the Income Tax Act lacked jurisdiction. The court noted that the reasons for the notice, related to undervaluation of shares, had already been considered during the initial assessment, and there were insufficient grounds to believe that income had escaped assessment. As a result, the court granted interim relief to the petitioner, holding that the notice appeared to be a change of opinion and lacked legal basis. Case-Laws Income Tax Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355795