Reassessment Quashed as Reasons Recorded Were Based on Incorrect Facts on Return Filing

Smt. Monika Rani Vs ITO (ITAT Chandigarh) The appeal was filed against the order of the CIT(A), Karnal. The assessee challenged the validity of reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act and also contested additions aggregating ₹46,00,000 made on account of gifts received from her son, husband, husband’s HUF, and father-in-law. The assessee had originally e-filed her return of income on 30.03.2011 declaring income of ₹2,06,465. Subsequently, the Assessing Officer reopened the assessment by issuing a notice under Section 148 on 27.03.2017. The reas...