Initiation of reassessment, based on wrong assumption of facts, is bad in law

Joint Lessees of Industrial Estate Vs ITO (ITAT Mumbai) Facts- The assessee, for the A.Y 2007-08, had not filed the ROI and the A.O. had reason to believe that there is an income escaped the assessment, accordingly, issued the notice u/s 148 of the Act on 27.03.2014 after obtaining the sanction u/s 151 of the Act. Subsequently the notice u/s 143(2) and 142(1) of the Act are issued. In compliance to notice, the assessee has filed the ROI on 02.06.2014. Subsequently, the Ld. AR of the assessee appeared from time to time and submitted the details as called for and the case was discussed. The asse...