Non Furnishing of reopening reasons render reassessment invalid

Brief facts of the case Assessee filed return of income on 3 1.7.2001 showing income from salary and other sources at Rs. 2,47,000/-. The same was processed u/s. 143(1) of the Income Tax Act, 1961 (hereinafter referred as the Act) on 11.7.2002 creating a demand of Rs. 20,380/-. The order u/s. 143(1) of the Act was subsequently revised u/s. 154 of the Act and the demand was reduced to NIL. Thereafter, notice dated 28.3.2008 u/s. 148 of the Act was issued to the assessee on the basis of information from the DIT(Inv. -I), New Delhi in respect of the fact that the gifts received by the assessee we...