https://www.taxtmi.com/caselaws?id=38059 The High Court of Allahabad ruled in favor of the petitioner in a case challenging a notice issued under section 148 of the Income Tax Act. The court held that wooden staging in the cold storage should be classified as part of the plant, not the building, reducing the total investment amount and invalidating the notice for income escapement. The court emphasized the importance of accurate disclosure by the assessee and the duty of the Income Tax Officer to draw correct inferences. The notice was deemed beyond the permissible time limit and quashed, with each party bearing its own costs. en-us Fri, 17 Dec 1976 00:00:00 +0530 Fri, 02 Apr 2010 17:43:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38059 The High Court of Allahabad ruled in favor of the petitioner in a case challenging a notice issued under section 148 of the Income Tax Act. The court held that wooden staging in the cold storage should be classified as part of the plant, not the building, reducing the total investment amount and invalidating the notice for income escapement. The court emphasized the importance of accurate disclosure by the assessee and the duty of the Income Tax Officer to draw correct inferences. The notice was deemed beyond the permissible time limit and quashed, with each party bearing its own costs. Case-Laws Income Tax Fri, 17 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38059