https://www.taxtmi.com/caselaws?id=422579 The court invalidated the notice issued under Section 148 of the Income Tax Act as it lacked a reasonable belief and was based on vague grounds. It held that the assessing officer lacked jurisdiction for reassessment due to a lack of bona fide reasons. Reassessment was deemed impermissible as it amounted to a change of opinion and the reasons provided were found inadequate and irrelevant. Consequently, the court quashed the notice and reassessment order, declaring them without jurisdiction and an abuse of power, with costs imposed on the petitioner. en-us Thu, 05 May 2022 00:00:00 +0530 Wed, 18 May 2022 08:58:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422579 The court invalidated the notice issued under Section 148 of the Income Tax Act as it lacked a reasonable belief and was based on vague grounds. It held that the assessing officer lacked jurisdiction for reassessment due to a lack of bona fide reasons. Reassessment was deemed impermissible as it amounted to a change of opinion and the reasons provided were found inadequate and irrelevant. Consequently, the court quashed the notice and reassessment order, declaring them without jurisdiction and an abuse of power, with costs imposed on the petitioner. Case-Laws Income Tax Thu, 05 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422579