https://www.taxtmi.com/caselaws?id=395950 The court set aside and quashed the notices issued under Section 148 of the Income Tax Act, 1961, as they were found to be based on erroneous assumptions and lacked a rational connection to the belief of income escapement. The court held that the petitioner had complied with Section 45(2) regarding capital gains and that the valuation of closing stock at market rate does not result in any chargeable appreciation. The writ petition was allowed, and the impugned notices were annulled. en-us Fri, 12 Jun 2020 00:00:00 +0530 Fri, 18 Sep 2020 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395950 The court set aside and quashed the notices issued under Section 148 of the Income Tax Act, 1961, as they were found to be based on erroneous assumptions and lacked a rational connection to the belief of income escapement. The court held that the petitioner had complied with Section 45(2) regarding capital gains and that the valuation of closing stock at market rate does not result in any chargeable appreciation. The writ petition was allowed, and the impugned notices were annulled. Case-Laws Income Tax Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395950