https://www.taxtmi.com/caselaws?id=18921 The court held that the notice issued under section 148 of the Income-tax Act, 1961 for reassessment proceedings was without jurisdiction. The court emphasized that the conditions for jurisdiction under sections 147 and 148 were not met as the notice failed to consider previous findings by the Inspecting Assistant Commissioner regarding the genuineness of the firm's dissolution and absence of undisclosed capital gains. Therefore, the court ruled in favor of the petitioner, setting aside the notice for reassessment. The importance of fulfilling prerequisites for initiating reassessment proceedings was underscored by the court. en-us Fri, 07 Jul 1995 00:00:00 +0530 Mon, 02 Nov 2009 17:52:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18921 The court held that the notice issued under section 148 of the Income-tax Act, 1961 for reassessment proceedings was without jurisdiction. The court emphasized that the conditions for jurisdiction under sections 147 and 148 were not met as the notice failed to consider previous findings by the Inspecting Assistant Commissioner regarding the genuineness of the firm's dissolution and absence of undisclosed capital gains. Therefore, the court ruled in favor of the petitioner, setting aside the notice for reassessment. The importance of fulfilling prerequisites for initiating reassessment proceedings was underscored by the court. Case-Laws Income Tax Fri, 07 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18921