https://www.taxtmi.com/caselaws?id=18169 The court quashed and set aside the notice issued under section 148 of the Income-tax Act for the assessment year 1989-90, ruling in favor of the petitioner. The court found that there was no failure to disclose material facts necessary for assessment, as the petitioner had fully disclosed all relevant information. The notice issued after four years without any indication of non-disclosure was deemed invalid and without jurisdiction. Consequently, the petitioner's claim for additional investment allowance on a foreign currency loan liability due to exchange rate fluctuation was upheld, and the notice was annulled with no costs awarded. en-us Thu, 20 Jun 1996 00:00:00 +0530 Tue, 29 Sep 2009 12:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18169 The court quashed and set aside the notice issued under section 148 of the Income-tax Act for the assessment year 1989-90, ruling in favor of the petitioner. The court found that there was no failure to disclose material facts necessary for assessment, as the petitioner had fully disclosed all relevant information. The notice issued after four years without any indication of non-disclosure was deemed invalid and without jurisdiction. Consequently, the petitioner's claim for additional investment allowance on a foreign currency loan liability due to exchange rate fluctuation was upheld, and the notice was annulled with no costs awarded. Case-Laws Income Tax Thu, 20 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18169