https://www.taxtmi.com/caselaws?id=374373 The court quashed and set aside the notice issued under Section 148 of the Income Tax Act for reopening the assessment for the assessment year 2011-12. The court found that the notice was issued beyond the permissible period and lacked fresh material, rendering it invalid under the first proviso to Section 147 of the Act. It was established that the petitioner had disclosed the income from surrendering shares during the regular assessment proceedings, constituting full disclosure of primary material facts. Therefore, the court concluded that there was no failure on the part of the petitioner to disclose all necessary facts for reassessment, leading to the disposal of the petition. en-us Fri, 25 Jan 2019 00:00:00 +0530 Thu, 31 Jan 2019 08:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374373 The court quashed and set aside the notice issued under Section 148 of the Income Tax Act for reopening the assessment for the assessment year 2011-12. The court found that the notice was issued beyond the permissible period and lacked fresh material, rendering it invalid under the first proviso to Section 147 of the Act. It was established that the petitioner had disclosed the income from surrendering shares during the regular assessment proceedings, constituting full disclosure of primary material facts. Therefore, the court concluded that there was no failure on the part of the petitioner to disclose all necessary facts for reassessment, leading to the disposal of the petition. Case-Laws Income Tax Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374373