https://www.taxtmi.com/caselaws?id=15734 The court quashed the notices issued under section 148 of the Income-tax Act for assessment years 1987-88 and 1988-89. It emphasized the necessity for the Assessing Officer to have valid reasons, supported by relevant material, to believe income has escaped assessment before issuing such notices. The court found the Assessing Officer's beliefs in both cases to be without proper grounds and contrary to the law, leading to the notices being quashed. This decision underscores the importance of the Assessing Officer's subjective satisfaction being based on concrete and relevant factors rather than arbitrary grounds. en-us Thu, 26 Nov 1998 00:00:00 +0530 Thu, 27 Aug 2009 13:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15734 The court quashed the notices issued under section 148 of the Income-tax Act for assessment years 1987-88 and 1988-89. It emphasized the necessity for the Assessing Officer to have valid reasons, supported by relevant material, to believe income has escaped assessment before issuing such notices. The court found the Assessing Officer's beliefs in both cases to be without proper grounds and contrary to the law, leading to the notices being quashed. This decision underscores the importance of the Assessing Officer's subjective satisfaction being based on concrete and relevant factors rather than arbitrary grounds. Case-Laws Income Tax Thu, 26 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15734