https://www.taxtmi.com/caselaws?id=435726 The court quashed the notice dated 30.03.2021 issued under Section 148 of the Income Tax Act, 1961, for the Assessment Year 2016-2017, finding the reassessment proceedings jurisdictionally flawed. It determined that the payments for the Flat were made in earlier financial years, invalidating the basis for reassessment. The court criticized the sanctioning authority for failing to apply proper reasoning, merely endorsing the proposal mechanically. It also rejected the treatment of stamp duty as unexplained expenditure. The writ petition was disposed of, and the pending application was closed, underscoring the necessity for thorough application of mind in such proceedings. en-us Mon, 27 Feb 2023 00:00:00 +0530 Mon, 27 Nov 2023 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435726 The court quashed the notice dated 30.03.2021 issued under Section 148 of the Income Tax Act, 1961, for the Assessment Year 2016-2017, finding the reassessment proceedings jurisdictionally flawed. It determined that the payments for the Flat were made in earlier financial years, invalidating the basis for reassessment. The court criticized the sanctioning authority for failing to apply proper reasoning, merely endorsing the proposal mechanically. It also rejected the treatment of stamp duty as unexplained expenditure. The writ petition was disposed of, and the pending application was closed, underscoring the necessity for thorough application of mind in such proceedings. Case-Laws Income Tax Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435726