https://www.taxtmi.com/caselaws?id=36965 The court allowed the writ petitions, quashing the notices issued under sections 147/148 of the Income-tax Act, 1961. It held that the reassessment was not justified as no income had escaped assessment, emphasizing that the Income Tax Officer had not considered the lease deed terms during the original assessment. Additionally, the court found that the audit report did not provide new information under section 147(b) but merely offered a legal interpretation, leading to the conclusion that the proposed reassessment would be futile. en-us Wed, 02 Jan 1980 00:00:00 +0530 Thu, 25 Mar 2010 16:15:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36965 The court allowed the writ petitions, quashing the notices issued under sections 147/148 of the Income-tax Act, 1961. It held that the reassessment was not justified as no income had escaped assessment, emphasizing that the Income Tax Officer had not considered the lease deed terms during the original assessment. Additionally, the court found that the audit report did not provide new information under section 147(b) but merely offered a legal interpretation, leading to the conclusion that the proposed reassessment would be futile. Case-Laws Income Tax Wed, 02 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36965