https://www.taxtmi.com/caselaws?id=397334 The HC quashed the order rejecting objections to the jurisdictional assumption for re-assessing income under the Income Tax Act, 1961 for A.Y. 2013-14. The court held that the petitioner had fully disclosed all material facts regarding royalty payments. The re-assessment notice was issued beyond the statutory four-year limit without valid grounds, violating Section 147 requirements. Consequently, the writ petition was allowed, emphasizing the necessity of finality in legal proceedings and preventing the reactivation of stale issues. The court referenced the SC's decision in The Parashuram Pottery Works Co. Ltd. case, underscoring the importance of judicial repose. en-us Mon, 03 Aug 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397334 The HC quashed the order rejecting objections to the jurisdictional assumption for re-assessing income under the Income Tax Act, 1961 for A.Y. 2013-14. The court held that the petitioner had fully disclosed all material facts regarding royalty payments. The re-assessment notice was issued beyond the statutory four-year limit without valid grounds, violating Section 147 requirements. Consequently, the writ petition was allowed, emphasizing the necessity of finality in legal proceedings and preventing the reactivation of stale issues. The court referenced the SC's decision in The Parashuram Pottery Works Co. Ltd. case, underscoring the importance of judicial repose. Case-Laws Income Tax Mon, 03 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397334