Case Law Details
Tirupati Trading Corporation Vs ACIT (Delhi High Court)
Delhi High Court held that a mistake has been made in triggering reassessment proceedings against the petitioner as no impugned transactions have been carried out by the assessee and accordingly, re-assessment proceedings initiated u/s. 148 of the Income Tax Act is set aside.
Facts- The present writ petition is directed against the order dated 28.07.2022 passed u/s. 148A(d) of the Income Tax Act, 1961 and the consequent notice of even date i.e., 28.07.2022 issued u/s. 148 of the Act, concerning Assessment Year (AY) 2016-17.
It is contended that reassessment proceedings have been commenced without any information and material being supplied to the petitioner.
Conclusion- Held that a mistake has been made in triggering reassessment proceedings against the petitioner as during the financial year under reference, no transactions have been carried out by the assessee with Sh. Ramesh Kumar Bagri and his name was inadvertently mentioned by the Investigation Wing in the report due to similarity in the names.
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