Income Tax Reassessment Notice Quashed: No Valid Grounds to Reopen Case After Four Years Under Section 148

The HC quashed the reassessment notice issued under section 148 after expiry of four years, finding no valid "reason to believe" to reopen the assessment. The Court noted that the assessee had properly paid taxes under section 115JB, disclosed book profits, and had previously provided all requested information regarding cash credits and sundry creditors during the original assessment proceedings. The AO had examined these specific issues and completed assessment under section 143(3) after being satisfied with the information furnished. Having already scrutinized these matters during regular assessment, the AO lacked jurisdiction to reopen the same issues, rendering the impugned notice and subsequent proceedings unsustainable. .....

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