https://www.taxtmi.com/caselaws?id=414756 The High Court quashed the notice under Section 148 of the Income Tax Act, 1961 for reassessment, along with consequential orders, as the Assessing Officer lacked jurisdictional conditions for initiating reassessment. The court found that the reasons for reopening the assessment were based on incorrect assumptions, and the material facts were disclosed during the original assessment. As the reassessment was sought after the statutory period had lapsed and there was no escapement of income due to non-disclosure of material facts, the court ruled in favor of the petitioner, a drug manufacturing company, disposing of the petition without costs. en-us Fri, 29 Oct 2021 00:00:00 +0530 Tue, 16 Nov 2021 09:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414756 The High Court quashed the notice under Section 148 of the Income Tax Act, 1961 for reassessment, along with consequential orders, as the Assessing Officer lacked jurisdictional conditions for initiating reassessment. The court found that the reasons for reopening the assessment were based on incorrect assumptions, and the material facts were disclosed during the original assessment. As the reassessment was sought after the statutory period had lapsed and there was no escapement of income due to non-disclosure of material facts, the court ruled in favor of the petitioner, a drug manufacturing company, disposing of the petition without costs. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414756