https://www.taxtmi.com/caselaws?id=373636 The High Court set aside the notice of reopening assessment issued to a partnership firm in the construction business for the assessment year 2011-12. The Court held that the notice was beyond the statutory period and lacked justification, as it was based on a fishing inquiry and failed to establish income escapement. The Assessing Officer's reliance on an intelligence report was deemed unjustified, and the petitioner's objections were not adequately addressed. The Court emphasized the Assessing Officer's duty to provide valid reasons before reopening assessments and ruled in favor of the petitioner, highlighting the importance of adherence to statutory provisions for transparency in tax assessments. en-us Thu, 10 Jan 2019 00:00:00 +0530 Thu, 17 Jan 2019 08:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373636 The High Court set aside the notice of reopening assessment issued to a partnership firm in the construction business for the assessment year 2011-12. The Court held that the notice was beyond the statutory period and lacked justification, as it was based on a fishing inquiry and failed to establish income escapement. The Assessing Officer's reliance on an intelligence report was deemed unjustified, and the petitioner's objections were not adequately addressed. The Court emphasized the Assessing Officer's duty to provide valid reasons before reopening assessments and ruled in favor of the petitioner, highlighting the importance of adherence to statutory provisions for transparency in tax assessments. Case-Laws Income Tax Thu, 10 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373636