https://www.taxtmi.com/caselaws?id=370258 The court quashed the reassessment notice issued under section 148 for the assessment year 2010-11, as the claimed forex gain deduction was found not allowable under the Income-tax Act, 1961. The court held that mere audit objections without fresh material did not justify reassessment, citing precedents like Carlton Overseas Pvt. Ltd. v. ITO. Consequently, the court ruled that the Revenue was barred from reassessment under sections 147/148, leading to the quashing of the reassessment notice and all related proceedings. en-us Fri, 10 Aug 2018 00:00:00 +0530 Wed, 14 Nov 2018 07:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370258 The court quashed the reassessment notice issued under section 148 for the assessment year 2010-11, as the claimed forex gain deduction was found not allowable under the Income-tax Act, 1961. The court held that mere audit objections without fresh material did not justify reassessment, citing precedents like Carlton Overseas Pvt. Ltd. v. ITO. Consequently, the court ruled that the Revenue was barred from reassessment under sections 147/148, leading to the quashing of the reassessment notice and all related proceedings. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370258