https://www.taxtmi.com/caselaws?id=418047 The High Court ruled in favor of the petitioner, quashing the notice issued under Section 148 of the Income Tax Act for the assessment year 2012-13 and rejecting objections under Section 147. The Court found that the notice was issued beyond the prescribed time limit, and the reasons provided did not disclose any new facts warranting reassessment. Emphasizing the impermissibility of re-opening assessments based on a change of opinion or Assessing Officer's mistake, the Court cited legal precedents to support its decision. The petition was allowed, and the impugned notice and order were set aside. en-us Wed, 22 Dec 2021 00:00:00 +0530 Mon, 07 Feb 2022 21:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418047 The High Court ruled in favor of the petitioner, quashing the notice issued under Section 148 of the Income Tax Act for the assessment year 2012-13 and rejecting objections under Section 147. The Court found that the notice was issued beyond the prescribed time limit, and the reasons provided did not disclose any new facts warranting reassessment. Emphasizing the impermissibility of re-opening assessments based on a change of opinion or Assessing Officer's mistake, the Court cited legal precedents to support its decision. The petition was allowed, and the impugned notice and order were set aside. Case-Laws Income Tax Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418047