Bombay High Court Dismisses Revenue's Appeal in Income Tax Reassessment Case — Notice Under Section 148 Must Be Based on Same Reason as Assessment Order. The Assessing Officer issued a notice under section 148 citing capital gain as the reason for reopening, but the assessment order was based on a different reason (denial of exemption under section 11), rendering the assessment null and void....
The case involves a tax appeal by the Commissioner of Income Tax against the Basmath Taluka Kharedi Vikri Sangh. The respondent-assessee filed a return for assessment year 2004-05 declaring a loss of ...
