https://www.taxtmi.com/caselaws?id=33173 The court held that invoking Section 142A of the Income Tax Act for Assessment Year 2000-2001 was not valid as the assessment had become final before 30.09.2004. Reopening assessments for 2001-2002 and 2002-2003 under Section 148 was deemed unjustified due to lack of failure to disclose material facts and absence of fresh material for a change of opinion. Reasons recorded for reopening lacked specificity and did not meet the standard of "reason to believe." Consequently, the court quashed the notices for all three years, ruling in favor of the petitioners with no costs imposed. en-us Tue, 24 Feb 2009 00:00:00 +0530 Thu, 06 Aug 2009 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33173 The court held that invoking Section 142A of the Income Tax Act for Assessment Year 2000-2001 was not valid as the assessment had become final before 30.09.2004. Reopening assessments for 2001-2002 and 2002-2003 under Section 148 was deemed unjustified due to lack of failure to disclose material facts and absence of fresh material for a change of opinion. Reasons recorded for reopening lacked specificity and did not meet the standard of "reason to believe." Consequently, the court quashed the notices for all three years, ruling in favor of the petitioners with no costs imposed. Case-Laws Income Tax Tue, 24 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33173