Reassessment Quashed: No Valid ‘Reason to Believe’ Despite Insight Portal Data – Gujarat HC

O3 Developers Private Limited Vs ITO (Gujarat High Court)

Reopening Invalid Where Alleged Accommodation Entries Lack Transactional Details; Section 148 Notice Set Aside for Fishing Inquiry Based on General Allegations; Reassessment Fails Where Portal Information Has No Live Nexus With Books of Account; Change of Name Not Enough, But Reopening Still Invalid Without Concrete Material

The petitioner challenged a notice dated 31.03.2021 issued under section 148 of the Income Tax Act, 1961 for reopening the as

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