https://www.taxtmi.com/caselaws?id=420678 The court quashed the notice issued under Section 148 of the Income Tax Act to a private limited company, ruling that the provision relied upon, Section 56(2)(vii)(c)(ii), does not apply to companies. The court found no valid grounds for the notice, emphasizing the necessity of tangible material and compliance with Section 147 for such notices. As the reassessment proceedings lacked evidence of the assessee's failure to disclose material facts, the court concluded the notice was unsustainable and granted relief to the petitioner by quashing the notice. en-us Tue, 22 Mar 2022 00:00:00 +0530 Thu, 23 Jun 2022 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420678 The court quashed the notice issued under Section 148 of the Income Tax Act to a private limited company, ruling that the provision relied upon, Section 56(2)(vii)(c)(ii), does not apply to companies. The court found no valid grounds for the notice, emphasizing the necessity of tangible material and compliance with Section 147 for such notices. As the reassessment proceedings lacked evidence of the assessee's failure to disclose material facts, the court concluded the notice was unsustainable and granted relief to the petitioner by quashing the notice. Case-Laws Income Tax Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420678