https://www.taxtmi.com/caselaws?id=415551 The Bombay High Court set aside the notice issued under Section 148 of the Income Tax Act, 1961 for reopening the assessment for AY 1997-98. The Court found that there was no failure on the part of the Assessee to disclose material facts, and the reasons provided for reopening were insufficient. The Court also considered the impact of appellate orders in subsequent years, concluding that there was no new tangible material to justify the reopening. Consequently, the Court quashed the reassessment proceedings for the said assessment year, declaring the jurisdiction exercised to reopen the assessment as invalid. en-us Fri, 03 Dec 2021 00:00:00 +0530 Wed, 08 Dec 2021 08:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415551 The Bombay High Court set aside the notice issued under Section 148 of the Income Tax Act, 1961 for reopening the assessment for AY 1997-98. The Court found that there was no failure on the part of the Assessee to disclose material facts, and the reasons provided for reopening were insufficient. The Court also considered the impact of appellate orders in subsequent years, concluding that there was no new tangible material to justify the reopening. Consequently, the Court quashed the reassessment proceedings for the said assessment year, declaring the jurisdiction exercised to reopen the assessment as invalid. Case-Laws Income Tax Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415551