https://www.taxtmi.com/caselaws?id=759942 The Gujarat HC quashed a reassessment notice issued under section 148, ruling it legally untenable. The petitioner, a partner in a petroleum firm, had fully disclosed all bank deposits and financial transactions in original returns, balance sheets, and partnership deed. The court found that the tax department lacked fresh tangible material to establish reasonable belief that income escaped assessment, as all information was already available and disclosed. The department could not assume jurisdiction based solely on existing disclosed information without new evidence. The petition was allowed, invalidating the reassessment proceedings. en-us Tue, 24 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759942 The Gujarat HC quashed a reassessment notice issued under section 148, ruling it legally untenable. The petitioner, a partner in a petroleum firm, had fully disclosed all bank deposits and financial transactions in original returns, balance sheets, and partnership deed. The court found that the tax department lacked fresh tangible material to establish reasonable belief that income escaped assessment, as all information was already available and disclosed. The department could not assume jurisdiction based solely on existing disclosed information without new evidence. The petition was allowed, invalidating the reassessment proceedings. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759942