https://www.taxtmi.com/caselaws?id=433914 The court found that the reassessment proceedings initiated under section 148 of the Income Tax Act were without jurisdiction as there was no failure to disclose material facts fully and truly during the original assessment. Consequently, the demand and penalty notices issued pursuant to the reassessment order were quashed and set aside. The court determined that the petitioner had indeed disclosed all material facts during the original assessment proceedings, rendering the reassessment unjustified. The court concluded by quashing the reassessment order and all consequential notices, disposing of the petition accordingly. en-us Fri, 10 Feb 2023 00:00:00 +0530 Mon, 13 Feb 2023 09:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433914 The court found that the reassessment proceedings initiated under section 148 of the Income Tax Act were without jurisdiction as there was no failure to disclose material facts fully and truly during the original assessment. Consequently, the demand and penalty notices issued pursuant to the reassessment order were quashed and set aside. The court determined that the petitioner had indeed disclosed all material facts during the original assessment proceedings, rendering the reassessment unjustified. The court concluded by quashing the reassessment order and all consequential notices, disposing of the petition accordingly. Case-Laws Income Tax Fri, 10 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433914