The High Court quashed a notice for reassessment issued under section 148, observing that the entire basis for the reasons recorded had collapsed. The court noted that the reopening was founded upon a Tax Evasion Petition which, according to the Revenue’s own admission, had already been closed. Further, the other information relied upon was stated to be general in nature, devoid of merit, and non-actionable. Since the very foundation for the reassessment was non-existent, the court held the initiation of proceedings to be invalid and accordingly quashed the notice and the related order disposing of the assessee’s objections.