https://www.taxtmi.com/caselaws?id=444052 The court quashed the re-assessment notices and proceedings for AY 2014-15 and 2017-18, concluding that the assumption of jurisdiction was unjustified. It held that the officer lacked new and tangible information, as required under the new re-assessment scheme, to justify the proceedings. The officer's reliance on existing records did not meet the criteria for 'information' suggesting escaped income. Consequently, the writ petitions were allowed, and the miscellaneous petitions were closed without costs. en-us Fri, 15 Sep 2023 00:00:00 +0530 Wed, 13 Dec 2023 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444052 The court quashed the re-assessment notices and proceedings for AY 2014-15 and 2017-18, concluding that the assumption of jurisdiction was unjustified. It held that the officer lacked new and tangible information, as required under the new re-assessment scheme, to justify the proceedings. The officer's reliance on existing records did not meet the criteria for 'information' suggesting escaped income. Consequently, the writ petitions were allowed, and the miscellaneous petitions were closed without costs. Case-Laws Income Tax Fri, 15 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444052