https://www.taxtmi.com/caselaws?id=444343 The HC quashed the notice dated 8th April 2005, which sought to reopen the assessment for A.Y. 1999-2000 under Section 148 of the Income Tax Act, 1961, due to lack of jurisdiction. The court found no income had escaped assessment, as there was no change in taxable income or tax payable. Consequently, the court made the rule absolute, setting aside the impugned notice and rejecting the respondent's arguments regarding excessive loss claims and lack of tangible material. The petition was disposed of in favor of the petitioner. en-us Fri, 06 Oct 2023 00:00:00 +0530 Fri, 12 Jul 2024 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444343 The HC quashed the notice dated 8th April 2005, which sought to reopen the assessment for A.Y. 1999-2000 under Section 148 of the Income Tax Act, 1961, due to lack of jurisdiction. The court found no income had escaped assessment, as there was no change in taxable income or tax payable. Consequently, the court made the rule absolute, setting aside the impugned notice and rejecting the respondent's arguments regarding excessive loss claims and lack of tangible material. The petition was disposed of in favor of the petitioner. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444343