https://www.taxtmi.com/caselaws?id=432682 The Court ruled in favor of the petitioner, quashing the notice for reassessment and the order rejecting objections. The Court found the reasons for reopening the assessment lacked specificity and emphasized the importance of clear reasons for reassessment. The reassessment was initiated based on an audit objection, but subsequent developments undermined this basis. The Court held that the notice and order were unsustainable in law, as the objections raised by the audit objection no longer validly alleged an escape of income assessment. en-us Mon, 09 Jan 2023 00:00:00 +0530 Mon, 27 Feb 2023 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432682 The Court ruled in favor of the petitioner, quashing the notice for reassessment and the order rejecting objections. The Court found the reasons for reopening the assessment lacked specificity and emphasized the importance of clear reasons for reassessment. The reassessment was initiated based on an audit objection, but subsequent developments undermined this basis. The Court held that the notice and order were unsustainable in law, as the objections raised by the audit objection no longer validly alleged an escape of income assessment. Case-Laws Income Tax Mon, 09 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432682