https://www.taxtmi.com/caselaws?id=355958 The High Court set aside the notice for reopening the assessment for the year 2010-11, ruling in favor of the petitioner. The court found that the Assessing Officer's reasons for reopening lacked validity as there was no new material suggesting income had escaped assessment. Emphasizing the importance of disclosing all material facts and forming an independent belief, the court concluded that the notice was issued beyond the prescribed time limit and solely relying on audit objections was insufficient justification for reopening the assessment. The petition was allowed, and the case was disposed of accordingly. en-us Mon, 19 Feb 2018 00:00:00 +0530 Thu, 22 Feb 2018 06:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355958 The High Court set aside the notice for reopening the assessment for the year 2010-11, ruling in favor of the petitioner. The court found that the Assessing Officer's reasons for reopening lacked validity as there was no new material suggesting income had escaped assessment. Emphasizing the importance of disclosing all material facts and forming an independent belief, the court concluded that the notice was issued beyond the prescribed time limit and solely relying on audit objections was insufficient justification for reopening the assessment. The petition was allowed, and the case was disposed of accordingly. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355958