https://www.taxtmi.com/caselaws?id=387595 The court quashed the notice issued under Section 148 of the Income Tax Act, finding it beyond the permissible four-year period and lacking compliance with legal requirements. It concluded that the reopening of assessment based on high share premium without new material was impermissible, emphasizing the need for tangible grounds for reassessment. The court highlighted the importance of a valid reason linked to available information for initiating reassessment proceedings, ultimately allowing the petition and setting aside the notice. en-us Mon, 16 Sep 2019 00:00:00 +0530 Thu, 12 Mar 2020 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387595 The court quashed the notice issued under Section 148 of the Income Tax Act, finding it beyond the permissible four-year period and lacking compliance with legal requirements. It concluded that the reopening of assessment based on high share premium without new material was impermissible, emphasizing the need for tangible grounds for reassessment. The court highlighted the importance of a valid reason linked to available information for initiating reassessment proceedings, ultimately allowing the petition and setting aside the notice. Case-Laws Income Tax Mon, 16 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387595