https://www.taxtmi.com/caselaws?id=373790 The court quashed and set aside the notice issued under section 148 of the Income Tax Act, 1961 for reassessment of total income for assessment year 2011-12. The court found that the Assessing Officer had not applied his mind to the case, leading to an incorrect belief that income had escaped assessment. The petitioner had disclosed all material facts, including capital gains, and provided necessary details, rendering the reassessment notice invalid. Consequently, the court ruled in favor of the petitioner, deeming the assumption of jurisdiction under section 147 unauthorized. en-us Tue, 11 Dec 2018 00:00:00 +0530 Sat, 19 Jan 2019 07:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373790 The court quashed and set aside the notice issued under section 148 of the Income Tax Act, 1961 for reassessment of total income for assessment year 2011-12. The court found that the Assessing Officer had not applied his mind to the case, leading to an incorrect belief that income had escaped assessment. The petitioner had disclosed all material facts, including capital gains, and provided necessary details, rendering the reassessment notice invalid. Consequently, the court ruled in favor of the petitioner, deeming the assumption of jurisdiction under section 147 unauthorized. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373790