https://www.taxtmi.com/caselaws?id=296984 The High Court of Patna quashed the orders passed under Sections 264 and 143(3) 147 of the Income Tax Act and declared the previous assessment order as valid. The Court emphasized the importance of goodwill and faith in public institutions, highlighting discrepancies in the reassessment process based on a new valuation report. Finding the reassessment lacking sufficient grounds and application of mind by the Assessing Officer, the Court ruled in favor of the Assessee, quashing the impugned orders and disposing of the writ petition accordingly. en-us Mon, 07 Sep 2020 00:00:00 +0530 Sat, 14 Aug 2021 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296984 The High Court of Patna quashed the orders passed under Sections 264 and 143(3) 147 of the Income Tax Act and declared the previous assessment order as valid. The Court emphasized the importance of goodwill and faith in public institutions, highlighting discrepancies in the reassessment process based on a new valuation report. Finding the reassessment lacking sufficient grounds and application of mind by the Assessing Officer, the Court ruled in favor of the Assessee, quashing the impugned orders and disposing of the writ petition accordingly. Case-Laws Income Tax Mon, 07 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296984