Section 148 Reassessment Notice Upheld for Failure to Fully Disclose Material Facts: Gujarat HC

Advertisement Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd Vs ACIT (Gujarat High Court) The writ petition challenged a notice dated 12.03.2019 issued under Sections 147 and 148 of the Income-tax Act, 1961 for Assessment Year 2015-16. The assessee, a cooperative society registered under the Gujarat Cooperative Societies Act, 1961 and engaged in accepting deposits and providing credit facilities to its members, had filed its return declaring nil income after claiming deduction under Section 80P. The return was accepted in scrutiny assessment under Section 143(3). Subsequently, the Ass...