https://www.taxtmi.com/caselaws?id=16076 The court found the notice issued under section 148 of the Income-tax Act to be initially illegal but later determined it was issued within the statutory timeframe. The basis for reopening the assessment was challenged as solely relying on a valuation report, which the court deemed insufficient to warrant such action. The court concluded that a valuation report cannot be the basis for reopening the assessment under section 148, as capital gains tax cannot be imposed solely on fair market value. Consequently, the notice was quashed, and the petition was allowed with no costs awarded. en-us Tue, 17 Nov 1998 00:00:00 +0530 Mon, 31 Aug 2009 18:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16076 The court found the notice issued under section 148 of the Income-tax Act to be initially illegal but later determined it was issued within the statutory timeframe. The basis for reopening the assessment was challenged as solely relying on a valuation report, which the court deemed insufficient to warrant such action. The court concluded that a valuation report cannot be the basis for reopening the assessment under section 148, as capital gains tax cannot be imposed solely on fair market value. Consequently, the notice was quashed, and the petition was allowed with no costs awarded. Case-Laws Income Tax Tue, 17 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16076