https://www.taxtmi.com/caselaws?id=419692 The High Court of Bombay quashed and set aside a notice issued under Section 148 of the Income Tax Act, 1961, for the assessment year 2009-10. The court found that the reasons for re-opening the assessment did not disclose tangible material and were based on incorrect facts regarding the issuance of equity shares at a premium. It was determined that even if the share premium was unjustifiable, it did not result in taxable income. Consequently, the court concluded that there was no basis to believe that income chargeable to tax had escaped assessment, leading to the favorable disposal of the petition. en-us Fri, 11 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419692 The High Court of Bombay quashed and set aside a notice issued under Section 148 of the Income Tax Act, 1961, for the assessment year 2009-10. The court found that the reasons for re-opening the assessment did not disclose tangible material and were based on incorrect facts regarding the issuance of equity shares at a premium. It was determined that even if the share premium was unjustifiable, it did not result in taxable income. Consequently, the court concluded that there was no basis to believe that income chargeable to tax had escaped assessment, leading to the favorable disposal of the petition. Case-Laws Income Tax Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419692