https://www.taxtmi.com/highlights?id=75762 Reopening of assessment - The High Court held that no case for reason to believe was made out by the AO. They observed a lack of application of mind in the reasons recorded for reopening the assessment. It was noted that the information relied upon by the AO contained inaccuracies, indicating a non-application of mind. - The Court found that the AO did not address the factual positions asserted by the petitioner in their objections, further indicating a lack of proper consideration. - Ultimately, the Court concluded that the reassessment proceedings were initiated on incorrect facts and lacked jurisdiction, thus quashing the impugned notices and order. en-us Sat, 16 Mar 2024 09:56:45 +0530 Sat, 16 Mar 2024 09:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75762 Reopening of assessment - The High Court held that no case for reason to believe was made out by the AO. They observed a lack of application of mind in the reasons recorded for reopening the assessment. It was noted that the information relied upon by the AO contained inaccuracies, indicating a non-application of mind. - The Court found that the AO did not address the factual positions asserted by the petitioner in their objections, further indicating a lack of proper consideration. - Ultimately, the Court concluded that the reassessment proceedings were initiated on incorrect facts and lacked jurisdiction, thus quashing the impugned notices and order. Highlights Income Tax Sat, 16 Mar 2024 09:56:45 +0530 https://www.taxtmi.com/highlights?id=75762