https://www.taxtmi.com/caselaws?id=355798 The High Court of Gujarat quashed the notice for reopening the assessment for the assessment year 2010-11 based on the transfer of shares without consideration. The court found that the reasons provided by the Assessing Officer were not valid to believe that income chargeable to tax had genuinely escaped assessment. The judgment underscored the necessity of meeting legal prerequisites for reopening assessments and stressed the requirement of a genuine belief supported by valid reasons before initiating such actions. en-us Wed, 14 Feb 2018 00:00:00 +0530 Mon, 19 Feb 2018 08:44:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355798 The High Court of Gujarat quashed the notice for reopening the assessment for the assessment year 2010-11 based on the transfer of shares without consideration. The court found that the reasons provided by the Assessing Officer were not valid to believe that income chargeable to tax had genuinely escaped assessment. The judgment underscored the necessity of meeting legal prerequisites for reopening assessments and stressed the requirement of a genuine belief supported by valid reasons before initiating such actions. Case-Laws Income Tax Wed, 14 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355798