https://www.taxtmi.com/caselaws?id=38961 The Court ruled in favor of the petitioner, quashing the notice issued under section 148 of the Income-tax Act, 1961 to reopen the assessment for the assessment year 1963-64. The Court held that since the transactions with M/s. Atlas Agencies were disclosed during the original assessment and scrutinized by the Income-tax Officer, there was no new evidence to justify reopening the assessment. The revenue failed to prove that there were material facts not disclosed during the original assessment, leading to the Court setting aside any assessment made pursuant to the notice and restraining further proceedings. en-us Mon, 18 Aug 1975 00:00:00 +0530 Sat, 10 Apr 2010 15:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38961 The Court ruled in favor of the petitioner, quashing the notice issued under section 148 of the Income-tax Act, 1961 to reopen the assessment for the assessment year 1963-64. The Court held that since the transactions with M/s. Atlas Agencies were disclosed during the original assessment and scrutinized by the Income-tax Officer, there was no new evidence to justify reopening the assessment. The revenue failed to prove that there were material facts not disclosed during the original assessment, leading to the Court setting aside any assessment made pursuant to the notice and restraining further proceedings. Case-Laws Income Tax Mon, 18 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38961