https://www.taxtmi.com/caselaws?id=446599 The HC dismissed a writ petition challenging reassessment proceedings under Section 148 of the Income Tax Act. The petitioner, a Limited Liability Partnership converted from a private company, claimed exemption under Section 47(xiv) but failed to disclose material information regarding share transfers before conversion. The court held that notices issued after 01.04.2021 under the old regime would be treated as Section 148A notices per SC ruling in Union of India v. Ashish Agarwal. Prima facie evidence of escaped income justified reopening assessment, and the petitioner's delayed challenge after participating in proceedings was not maintainable. en-us Fri, 17 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446599 The HC dismissed a writ petition challenging reassessment proceedings under Section 148 of the Income Tax Act. The petitioner, a Limited Liability Partnership converted from a private company, claimed exemption under Section 47(xiv) but failed to disclose material information regarding share transfers before conversion. The court held that notices issued after 01.04.2021 under the old regime would be treated as Section 148A notices per SC ruling in Union of India v. Ashish Agarwal. Prima facie evidence of escaped income justified reopening assessment, and the petitioner's delayed challenge after participating in proceedings was not maintainable. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446599