https://www.taxtmi.com/caselaws?id=767841 The Gujarat HC quashed a reassessment notice issued under section 148 after four years had expired. The assessee had paid taxes under section 115JB showing book profit, and the AO had completed assessment under section 143(3) after the assessee provided all requested details regarding cash credits and sundry creditors. The court held that since the AO was satisfied with the information provided and had framed the original assessment, there was no valid reason to believe warranting reopening. The reassessment notice and subsequent proceedings were held unsustainable, with the decision favoring the assessee. en-us Tue, 11 Mar 2025 00:00:00 +0530 Mon, 13 Jul 2026 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767841 The Gujarat HC quashed a reassessment notice issued under section 148 after four years had expired. The assessee had paid taxes under section 115JB showing book profit, and the AO had completed assessment under section 143(3) after the assessee provided all requested details regarding cash credits and sundry creditors. The court held that since the AO was satisfied with the information provided and had framed the original assessment, there was no valid reason to believe warranting reopening. The reassessment notice and subsequent proceedings were held unsustainable, with the decision favoring the assessee. Case-Laws Income Tax Tue, 11 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767841