https://www.taxtmi.com/caselaws?id=449642 The Karnataka HC quashed reassessment notices issued under Section 148 and orders under Section 148A of the Income Tax Act, 1961. The court held that post-amendment, concrete information suggesting income escapement is a prerequisite for reopening assessment, not merely the assessing officer's subjective belief. The court found jurisdictional facts lacking as the information required under Explanation 1 to Section 148 was absent. The assessing officer failed to consider petitioners' objections, violating natural justice principles. The court ruled that allowing reassessment based solely on returns already filed by assessees would bypass regular assessment procedures and render limitation provisions meaningless, contrary to the legislative intent of the 2021 amendments. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 15 Apr 2026 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449642 The Karnataka HC quashed reassessment notices issued under Section 148 and orders under Section 148A of the Income Tax Act, 1961. The court held that post-amendment, concrete information suggesting income escapement is a prerequisite for reopening assessment, not merely the assessing officer's subjective belief. The court found jurisdictional facts lacking as the information required under Explanation 1 to Section 148 was absent. The assessing officer failed to consider petitioners' objections, violating natural justice principles. The court ruled that allowing reassessment based solely on returns already filed by assessees would bypass regular assessment procedures and render limitation provisions meaningless, contrary to the legislative intent of the 2021 amendments. Case-Laws Income Tax Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449642