https://www.taxtmi.com/caselaws?id=308497 The court quashed the notice issued under Section 148 of the Income Tax Act 1961 for A.Y.-2015-2016 due to vague and unsubstantiated reasons for reopening the assessment related to concealed income from reversal trades in BSE. The court found the lack of clarity and specificity in the reasons provided undermined the legitimacy of the notice. Consequently, the order disposing of the objections raised by the petitioner was annulled. The court emphasized the necessity of clear and valid grounds for initiating actions under the Income Tax Act 1961. en-us Mon, 21 Feb 2022 00:00:00 +0530 Thu, 29 Jun 2023 20:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308497 The court quashed the notice issued under Section 148 of the Income Tax Act 1961 for A.Y.-2015-2016 due to vague and unsubstantiated reasons for reopening the assessment related to concealed income from reversal trades in BSE. The court found the lack of clarity and specificity in the reasons provided undermined the legitimacy of the notice. Consequently, the order disposing of the objections raised by the petitioner was annulled. The court emphasized the necessity of clear and valid grounds for initiating actions under the Income Tax Act 1961. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308497