https://www.taxtmi.com/caselaws?id=16224 The court quashed the notices issued under section 148 for the assessment years 1988-89 to 1991-92, ruling in favor of the petitioner. It held that the Assessing Officer's initiation of proceedings lacked legal authority as the petitioner had disclosed all material facts, including the receipt of excise duty refunds. The court emphasized that tax liability is triggered by the actual benefit obtained and clarified the limitations on reassessment powers under the Income-tax Act. en-us Thu, 15 Apr 1999 00:00:00 +0530 Tue, 01 Sep 2009 18:43:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16224 The court quashed the notices issued under section 148 for the assessment years 1988-89 to 1991-92, ruling in favor of the petitioner. It held that the Assessing Officer's initiation of proceedings lacked legal authority as the petitioner had disclosed all material facts, including the receipt of excise duty refunds. The court emphasized that tax liability is triggered by the actual benefit obtained and clarified the limitations on reassessment powers under the Income-tax Act. Case-Laws Income Tax Thu, 15 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16224