ITAT quashes Notice Based on Unverified AIR Info on Cash Deposits

Manveer Singh Vs ITO (ITAT Delhi) In the recent case of Manveer Singh Vs ITO, the Income Tax Appellate Tribunal (ITAT) in Delhi ruled that, before issuing a reassessment notice under Section 148 of the Income Tax Act for alleged cash deposits based on AIR information, it is essential to obtain a bank statement. The case hinged on a reassessment order issued based on the Annual Information Report (AIR) data, without obtaining the appellant’s bank statement. Manveer Singh challenged this order, arguing that the initiation of reassessment proceedings was illegal and bad in law due to lack o...