ITAT Delhi Quashed Reassessment For Wrong Assumption of Facts

Advertisement The ITAT Delhi in Dinesh Babu Saxena Vs. ITO, quashed reassessment proceedings initiated under sections 147/148 after holding that the reopening was founded on a demonstrably incorrect assumption of fact. The Assessing Officer relied on information relating to the purchase of immovable property and proceeded on the premise that the assessee had not filed a return of income for the relevant year. This assumption was factually wrong, as a valid return had been filed within time, a fact even acknowledged by the Assessing Officer in the reassessment order. The Tribunal reiterated ...