https://www.taxtmi.com/caselaws?id=15295 The Court quashed the notices issued under sections 148 and 142 of the IT Act for the assessment year 1991-92, as the Assessing Officer lacked jurisdiction to initiate proceedings under section 147. The Court found that there was no valid reason to believe that income had escaped assessment and that the transactions in question were not genuine. Consequently, the notices were deemed invalid, and each party was directed to bear their own costs. en-us Thu, 16 Mar 2000 00:00:00 +0530 Tue, 04 Aug 2009 15:49:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15295 The Court quashed the notices issued under sections 148 and 142 of the IT Act for the assessment year 1991-92, as the Assessing Officer lacked jurisdiction to initiate proceedings under section 147. The Court found that there was no valid reason to believe that income had escaped assessment and that the transactions in question were not genuine. Consequently, the notices were deemed invalid, and each party was directed to bear their own costs. Case-Laws Income Tax Thu, 16 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15295