Case Law Details
Steering Securities & Finance Pvt Ltd Vs ITO (ITAT Delhi)
Introduction: The ITAT Delhi’s recent judgment in the case of Steering Securities & Finance Pvt Ltd Vs ITO has presented crucial insights into the interpretation and adherence to the Income Tax Act. Central to this case was the legitimacy of a notice issued without examining the assessee’s return.
Context of the Appeal: The primary contention in this appeal arose from the action of re-opening the assessment by the Ld AO. The key issues were:
1. The AO recorded reasons unrelated to the assessee’s case and relied heavily on vague and general details from a DIT (Investigation) report.
2. The notice under section 148 wasn’t timely served to the appellant.
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