https://www.taxtmi.com/caselaws?id=392293 The court found the reassessment proceedings under Section 147 invalid as they were based on a subsequent Supreme Court decision and lacked specific allegations of failure to disclose material facts. Notices under Section 148 issued after four years were deemed unsustainable as the income had been previously considered exempt, and no omissions were indicated. The court emphasized the necessity of specific allegations by the Assessing Officer for reassessment after four years. Consequently, the court quashed the reassessment proceedings and notices, ruling in favor of the petitioner without costs. en-us Fri, 14 Feb 2020 00:00:00 +0530 Fri, 18 Sep 2020 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392293 The court found the reassessment proceedings under Section 147 invalid as they were based on a subsequent Supreme Court decision and lacked specific allegations of failure to disclose material facts. Notices under Section 148 issued after four years were deemed unsustainable as the income had been previously considered exempt, and no omissions were indicated. The court emphasized the necessity of specific allegations by the Assessing Officer for reassessment after four years. Consequently, the court quashed the reassessment proceedings and notices, ruling in favor of the petitioner without costs. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392293