Income Escaping Reassessment Void if Reasons not supplied

Advocate Akhilesh Kumar Sah Supply of Reasons Recorded for Making Reassessment is Necessary Otherwise the Income Escaping Assessment shall be Void Introduction: In GKN Driveshafts (India) Ltd. vs. ITO [(2003) 259 ITR 19 (SC)], it has been held that when a notice under section 148 of the Income Tax Act, 1961(herein referred to as the ‘Act’) is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing notices. The Assessing Officer(AO) is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is ent...