Section 148 notice was void ab initio if no prima facie satisfaction recorded

AEP Investments (Mauritius) Ltd. Vs ACIT (ITAT Delhi) Introduction: The recent case of AEP Investments (Mauritius) Ltd. vs ACIT witnessed a significant development as the Delhi ITAT quashed the reassessment order for A.Y. 2017-18. The decision highlights the importance of prima facie evidence in income escapement cases. Detailed Analysis: The appeal filed by AEP Investments (Mauritius) Ltd. (AIML) against the order of the Assessing Officer for A.Y. 2017-18 presented several grounds challenging the validity of the reassessment. The key points of contention included: 1. Lack of jurisdiction and ...