High Court Quashes Reassessment Order Due to Lack of New Material u/ss 49 and 24.

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....The STO virtually reviewed the decision of the Commissioner u/s 49 which, merged with the order of the Tribunal, as it were, based on no new material much less any significant material which could have permitted an authority to validly reopen assessment u/s 24 - re-assessment order quashed - HC....