Reassessment Notice should specify reasons for escapement of income

RK Gupta And Son HUF Vs ITO (Delhi High Court) HC held that notice dated 19.05.2022 issued under Section 148A(b) of the Income Tax Act, 1961 shows, that a survey report was generated vis-à-vis Varun Capital Services Ltd. The said communication also alludes to the fact that assessee had entered into share transaction with Kisna Traders Pvt Ltd in the Financial Years(FY) 2014-15 and 2015-16 in respect of the shares referred to in the table. As to how this transaction led the AO to conclude/form an opinion that there was escapement of income is not articulated in the notice issued under Section ...