Reassessment Quashed as Reasons Recorded Contained Wrong Return Date & Income Figures

Kissan Fats Limited Vs DCIT (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) disposed of two appeals involving different assessees for Assessment Year 2011-12 through a common order, as both cases involved identical facts and issues. The principal issue in both appeals was the validity of reassessment proceedings initiated under Section 148 of the Income Tax Act. In the first appeal, the assessee challenged the reopening of assessment, contending that the notice under Section 148 had been issued on the basis of incorrect and invalid reasons. The assessee point...