https://www.taxtmi.com/caselaws?id=32983 The court ruled in favor of the petitioner in a case challenging a notice under section 148 of the Income Tax Act for reopening assessment for AY 2002-03 based on depreciation of goodwill. The court held that the petitioner had fully disclosed all material facts regarding the claim of depreciation on goodwill, and since the revenue's argument focused on goodwill not being an intangible asset, the failure to disclose the nature of goodwill was irrelevant. As the conditions for reopening the assessment under section 147 were not met, the court quashed the notice issued after the statutory period, leading to the setting aside of the reassessment order without imposing costs. en-us Tue, 17 Feb 2009 00:00:00 +0530 Fri, 11 Jun 2010 19:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32983 The court ruled in favor of the petitioner in a case challenging a notice under section 148 of the Income Tax Act for reopening assessment for AY 2002-03 based on depreciation of goodwill. The court held that the petitioner had fully disclosed all material facts regarding the claim of depreciation on goodwill, and since the revenue's argument focused on goodwill not being an intangible asset, the failure to disclose the nature of goodwill was irrelevant. As the conditions for reopening the assessment under section 147 were not met, the court quashed the notice issued after the statutory period, leading to the setting aside of the reassessment order without imposing costs. Case-Laws Income Tax Tue, 17 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32983