https://www.taxtmi.com/caselaws?id=416970 The court found the notice under Section 148 of the Income Tax Act, 1961 for A.Y. 2012-13 invalid as the reported cash deposits were actually withdrawals, and the basis for reopening assessment was incorrect. The Assessing Officer lacked jurisdiction under Section 147, leading to the quashing of the notice and order disposing of objections. The court emphasized the need for proper assessment or reassessment of income forming the basis for the notice, ultimately allowing the petition and issuing a Writ of Certiorari to set aside the impugned actions without awarding costs. en-us Wed, 05 Jan 2022 00:00:00 +0530 Wed, 12 Jan 2022 08:40:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416970 The court found the notice under Section 148 of the Income Tax Act, 1961 for A.Y. 2012-13 invalid as the reported cash deposits were actually withdrawals, and the basis for reopening assessment was incorrect. The Assessing Officer lacked jurisdiction under Section 147, leading to the quashing of the notice and order disposing of objections. The court emphasized the need for proper assessment or reassessment of income forming the basis for the notice, ultimately allowing the petition and issuing a Writ of Certiorari to set aside the impugned actions without awarding costs. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416970