https://www.taxtmi.com/caselaws?id=435138 The High Court considered a case challenging a notice issued under Section 148 of the Income Tax Act for multiple assessment years. The respondent emphasized the availability of alternative efficacious remedies and highlighted suspicious transactions in the petitioner's bank account, including fake transactions with Ardor Group. The petitioner disputed the classification of the transactions as 'assets' under the Act and raised objections to the approval process. After evaluating the arguments and evidence, the Court acknowledged the need for interim relief during reassessment but ultimately allowed the petitioner to withdraw the petitions. As a result, the petitions were disposed of as withdrawn, and the request for interim relief was lifted. en-us Mon, 20 Feb 2023 00:00:00 +0530 Mon, 13 Mar 2023 08:41:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435138 The High Court considered a case challenging a notice issued under Section 148 of the Income Tax Act for multiple assessment years. The respondent emphasized the availability of alternative efficacious remedies and highlighted suspicious transactions in the petitioner's bank account, including fake transactions with Ardor Group. The petitioner disputed the classification of the transactions as 'assets' under the Act and raised objections to the approval process. After evaluating the arguments and evidence, the Court acknowledged the need for interim relief during reassessment but ultimately allowed the petitioner to withdraw the petitions. As a result, the petitions were disposed of as withdrawn, and the request for interim relief was lifted. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435138