https://www.taxtmi.com/caselaws?id=34934 The court found the reassessment notice unauthorized as it lacked a genuine reason to believe income had escaped assessment. It held that transport and insurance subsidies were eligible for deductions under section 80-IC as they contributed to business profits. The court rejected the Revenue's contention of income escapement, noting it was a change of opinion without factual basis. Despite the Revenue's argument of prematurity, the court allowed the writ petition challenging the reassessment notice, emphasizing the need for Revenue to address objections before judicial intervention. The reassessment notice was quashed, and the petition was allowed without costs. en-us Tue, 30 Jun 2009 00:00:00 +0530 Thu, 12 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34934 The court found the reassessment notice unauthorized as it lacked a genuine reason to believe income had escaped assessment. It held that transport and insurance subsidies were eligible for deductions under section 80-IC as they contributed to business profits. The court rejected the Revenue's contention of income escapement, noting it was a change of opinion without factual basis. Despite the Revenue's argument of prematurity, the court allowed the writ petition challenging the reassessment notice, emphasizing the need for Revenue to address objections before judicial intervention. The reassessment notice was quashed, and the petition was allowed without costs. Case-Laws Income Tax Tue, 30 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34934