https://www.taxtmi.com/caselaws?id=419268 The Court quashed the impugned notice under Section 148 of the Income Tax Act, 1961 for the assessment year 2015-16, along with the order disposing of objections. It found the reason to believe for income escapement invalid due to a lack of fresh material and non-application of mind. The Assessing Officer was granted liberty to take action based on new evidence, emphasizing adherence to Accounting Standards in disclosing contingent liabilities. The petitioner was allowed to respond accordingly in compliance with the law, concluding the case with clarity on the importance of proper assessment procedures. en-us Thu, 03 Mar 2022 00:00:00 +0530 Fri, 17 Jun 2022 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419268 The Court quashed the impugned notice under Section 148 of the Income Tax Act, 1961 for the assessment year 2015-16, along with the order disposing of objections. It found the reason to believe for income escapement invalid due to a lack of fresh material and non-application of mind. The Assessing Officer was granted liberty to take action based on new evidence, emphasizing adherence to Accounting Standards in disclosing contingent liabilities. The petitioner was allowed to respond accordingly in compliance with the law, concluding the case with clarity on the importance of proper assessment procedures. Case-Laws Income Tax Thu, 03 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419268