Reassessment Quashed – Notice U/s 148A(b) Invalid for Granting Less Than Mandatory 7 Days to Reply

Kempaiah Nagaraj Vs ITO (ITAT Bangalore) Reassessment Quashed – Notice u/s 148A(b) Invalid for Granting Less Than Mandatory 7 Days to Reply The assessee had sold an immovable property on 25-02-2016, based on which the AO initiated reassessment proceedings after receiving information of TDS deduction u/s 194-IA. A notice u/s 148A(b) dated 18-03-2023 was issued requiring the assessee to respond by 22-03-2023. Subsequently, an order u/s 148A(d) and notice u/s 148 were issued and the AO completed reassessment computing long-term capital gains and denying deduction u/s 54F. Before the Tribunal, t...