https://www.taxtmi.com/caselaws?id=39269 The High Court of Calcutta, in a case challenging a notice issued under section 148 of the Income-tax Act, 1961 for the assessment year 1961-62, held that there was no valid material for reopening the assessment. The court found that any income that may have escaped assessment belonged to the partners of the firm and not the firm itself. As the conditions for initiating the proceedings were not met, the court set aside and quashed the notice and any reassessment proceedings conducted. The respondents were restrained from acting on the notice, and no costs were awarded, with a stay of operation of the order granted for six weeks. en-us Tue, 02 Mar 1976 00:00:00 +0530 Wed, 14 Apr 2010 12:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39269 The High Court of Calcutta, in a case challenging a notice issued under section 148 of the Income-tax Act, 1961 for the assessment year 1961-62, held that there was no valid material for reopening the assessment. The court found that any income that may have escaped assessment belonged to the partners of the firm and not the firm itself. As the conditions for initiating the proceedings were not met, the court set aside and quashed the notice and any reassessment proceedings conducted. The respondents were restrained from acting on the notice, and no costs were awarded, with a stay of operation of the order granted for six weeks. Case-Laws Income Tax Tue, 02 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39269