https://www.taxtmi.com/caselaws?id=423965 The Court ruled in favor of the Petitioner, a Private Limited Company engaged in manufacturing and export of gold jewellery, in a case challenging a notice under Section 148 of the Income Tax Act, 1961 and the order disposing of objections raised by the Petitioner. The Court found that there was no failure to disclose all material facts, a mandatory requirement for assuming jurisdiction under Section 147. The Petitioner's use of the straight-line method for depreciation was not deemed a change of opinion by the Respondent. Consequently, the Petitioner succeeded in challenging the reassessment, and the Court made the rule absolute in terms of the prayer clauses, with no costs awarded. en-us Mon, 13 Jun 2022 00:00:00 +0530 Sat, 18 Jun 2022 09:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423965 The Court ruled in favor of the Petitioner, a Private Limited Company engaged in manufacturing and export of gold jewellery, in a case challenging a notice under Section 148 of the Income Tax Act, 1961 and the order disposing of objections raised by the Petitioner. The Court found that there was no failure to disclose all material facts, a mandatory requirement for assuming jurisdiction under Section 147. The Petitioner's use of the straight-line method for depreciation was not deemed a change of opinion by the Respondent. Consequently, the Petitioner succeeded in challenging the reassessment, and the Court made the rule absolute in terms of the prayer clauses, with no costs awarded. Case-Laws Income Tax Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423965