https://www.taxtmi.com/caselaws?id=762798 Reassessment under the Income-tax Act was found to lack jurisdiction where the assessment order made no addition on the very items that formed the basis of the Section 148A notice and recorded reasons. The reopening was founded on specified information concerning rent receipts, time deposits and interest income, but those items were not brought to tax in the reassessment. Once the foundational reasons were not sustained by any corresponding addition, the basis of the reassessment stood displaced and the assessment could not survive. The reopening and consequent assessment were therefore quashed as without jurisdiction. en-us Thu, 28 Nov 2024 00:00:00 +0530 Sat, 07 Dec 2024 08:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762798 Reassessment under the Income-tax Act was found to lack jurisdiction where the assessment order made no addition on the very items that formed the basis of the Section 148A notice and recorded reasons. The reopening was founded on specified information concerning rent receipts, time deposits and interest income, but those items were not brought to tax in the reassessment. Once the foundational reasons were not sustained by any corresponding addition, the basis of the reassessment stood displaced and the assessment could not survive. The reopening and consequent assessment were therefore quashed as without jurisdiction. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762798