https://www.taxtmi.com/caselaws?id=442870 The court quashed the notice issued under Section 148 of the Income Tax Act, ruling that the Assessing Officer lacked sufficient material to believe that income had escaped assessment for Assessment Year 2011-12. The court found the reasons for reopening the assessment were inadequate and failed to establish a direct link between the available information and the alleged escape of income. Emphasizing the importance of the material available at the time of forming the belief, the court invalidated the reassessment proceedings due to the lack of proper justification. The writ petition was disposed of, and the interim order restraining assessment proceedings was lifted. en-us Tue, 22 Aug 2023 00:00:00 +0530 Tue, 12 Sep 2023 09:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442870 The court quashed the notice issued under Section 148 of the Income Tax Act, ruling that the Assessing Officer lacked sufficient material to believe that income had escaped assessment for Assessment Year 2011-12. The court found the reasons for reopening the assessment were inadequate and failed to establish a direct link between the available information and the alleged escape of income. Emphasizing the importance of the material available at the time of forming the belief, the court invalidated the reassessment proceedings due to the lack of proper justification. The writ petition was disposed of, and the interim order restraining assessment proceedings was lifted. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442870