Reopening of Assessment Invalid Where Investor Not Linked to Alleged Sham Transactions

Karan Maheshwari Vs ACIT (Bombay High Court) Reassessment Quashed for Lack of Nexus Between Investor and Alleged Mutual Fund Irregularities; Section 148A Reopening Set Aside for Non-Disclosure of Material to Taxpayer; Income Tax Reassessment Struck Down for Vague Allegations and Non-Application of Mind; Reassessment Notices Quashed for Using Withheld Evidence Against Taxpayer; No Reassessment Permissible Without Live Link Between Information and Escapement of Income The Bombay High Court disposed of the writ petition at the admission stage after noting that pleadings were complete. The petitio...