https://www.taxtmi.com/caselaws?id=438712 The HC quashed the notice issued under Section 148 of the Income Tax Act and the subsequent order rejecting the objections, citing a lack of subjective satisfaction by the assessing officer. The court determined that the reassessment proceedings were improperly initiated based on audit objections without independent belief by the assessing officer, rendering the action a colorable exercise of jurisdiction. Consequently, the petition was allowed, and both the notice dated 21.03.2021 and the order dated 25.10.2021 were annulled. en-us Mon, 01 May 2023 00:00:00 +0530 Wed, 07 Feb 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438712 The HC quashed the notice issued under Section 148 of the Income Tax Act and the subsequent order rejecting the objections, citing a lack of subjective satisfaction by the assessing officer. The court determined that the reassessment proceedings were improperly initiated based on audit objections without independent belief by the assessing officer, rendering the action a colorable exercise of jurisdiction. Consequently, the petition was allowed, and both the notice dated 21.03.2021 and the order dated 25.10.2021 were annulled. Case-Laws Income Tax Mon, 01 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438712