https://www.taxtmi.com/caselaws?id=33036 The court quashed the notice issued under Section 148 of the Income Tax Act for Assessment Year 2002-2003 as there was no material supporting the belief that income had escaped assessment. The Assessing Officer's treatment of discounts as income lacked a legal basis, leading to the notice being deemed unsustainable. Since no income had actually escaped assessment, the court allowed the petition, resolving the primary issue in favor of the petitioner and declining to award costs. en-us Wed, 04 Feb 2009 00:00:00 +0530 Wed, 10 Mar 2010 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33036 The court quashed the notice issued under Section 148 of the Income Tax Act for Assessment Year 2002-2003 as there was no material supporting the belief that income had escaped assessment. The Assessing Officer's treatment of discounts as income lacked a legal basis, leading to the notice being deemed unsustainable. Since no income had actually escaped assessment, the court allowed the petition, resolving the primary issue in favor of the petitioner and declining to award costs. Case-Laws Income Tax Wed, 04 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33036