https://www.taxtmi.com/caselaws?id=272984 The High Court allowed the petition, quashing the notice issued under Section 148 of the Income Tax Act. The Court held that taxing the entire suppressed sale transaction was impermissible, as only the profit margin should be considered for taxation. The Court emphasized that once a petition is admitted, the petitioner cannot be non-suited based on the availability of alternative remedies. The notice was deemed invalid and the rule was made absolute, with no costs issued. en-us Wed, 08 Jul 2015 00:00:00 +0530 Tue, 29 May 2018 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272984 The High Court allowed the petition, quashing the notice issued under Section 148 of the Income Tax Act. The Court held that taxing the entire suppressed sale transaction was impermissible, as only the profit margin should be considered for taxation. The Court emphasized that once a petition is admitted, the petitioner cannot be non-suited based on the availability of alternative remedies. The notice was deemed invalid and the rule was made absolute, with no costs issued. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272984