Initiation of reassessment unjustified as nature and source of receipts duly explained: Delhi HC

Experion Hospitality Pvt Ltd. Vs ITO (Delhi High Court) Delhi High Court held that once the nature and source of receipts have been satisfactorily explained/proved and AO has not contradicted the explanation/information given by the assessee, there lies no cause for initiating the reassessment action. Accordingly, reassessment proceedings u/s. 148 quashed. Facts- The present Writ Petitions under Article 226/227 of the Constitution of India are directed against separate notices issued by the respondents under Section 148 of the Income Tax Act, 1961 for the Assessment Years 2008-09 and 2011-12 a...