https://www.taxtmi.com/caselaws?id=36223 The High Court of Calcutta ruled in a case involving the reassessment of an assessee's income for the assessment year 1957-58. The Court found deficiencies in the initiation of reassessment proceedings under section 147(a) of the Income Tax Act, 1961, due to missing prerequisites in the notice under section 148. Consequently, the Court invalidated all additions made in the reassessment, emphasizing the importance of adhering to statutory procedures. The Court ruled in favor of the assessee on the validity of reassessment and penalty cancellation, rejecting the revenue's arguments of waiver and upholding the assessee's objections. en-us Mon, 06 Mar 1978 00:00:00 +0530 Sat, 20 Mar 2010 11:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36223 The High Court of Calcutta ruled in a case involving the reassessment of an assessee's income for the assessment year 1957-58. The Court found deficiencies in the initiation of reassessment proceedings under section 147(a) of the Income Tax Act, 1961, due to missing prerequisites in the notice under section 148. Consequently, the Court invalidated all additions made in the reassessment, emphasizing the importance of adhering to statutory procedures. The Court ruled in favor of the assessee on the validity of reassessment and penalty cancellation, rejecting the revenue's arguments of waiver and upholding the assessee's objections. Case-Laws Income Tax Mon, 06 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36223