https://www.taxtmi.com/caselaws?id=415291 The court ruled in favor of the petitioner, quashing the notice issued under Section 148 of the Income Tax Act, 1961, for the Assessment Year 1994-95. The court found that the reasons for reopening the assessment did not disclose any new material facts justifying the reopening and emphasized the strict compliance required for such exceptional powers. Additionally, the court held that the conditions for issuing the notice under Section 148 were not met, as there was no failure on the petitioner's part to disclose all material facts necessary for assessment within the prescribed time frame. The court also confirmed the petitioner's correct claim for deduction under Section 33AC for the relevant assessment year. en-us Thu, 25 Nov 2021 00:00:00 +0530 Wed, 23 Feb 2022 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415291 The court ruled in favor of the petitioner, quashing the notice issued under Section 148 of the Income Tax Act, 1961, for the Assessment Year 1994-95. The court found that the reasons for reopening the assessment did not disclose any new material facts justifying the reopening and emphasized the strict compliance required for such exceptional powers. Additionally, the court held that the conditions for issuing the notice under Section 148 were not met, as there was no failure on the petitioner's part to disclose all material facts necessary for assessment within the prescribed time frame. The court also confirmed the petitioner's correct claim for deduction under Section 33AC for the relevant assessment year. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415291