Reassessment Notice issued Without Prior Verification by AO was Invalid: Bombay HC

Narendra Kumar Shah Vs ACIT (Bombay High Court) Bombay High Court quashed the reassessment proceedings initiated against Narendra Kumar Shah for the Assessment Year 2019-20, citing procedural lapses by the Income Tax Department. Shah had filed his return of income on November 29, 2019, which was duly processed under Section 143(1) of the Income Tax Act. However, on March 31, 2023, he received a notice under Section 148A(b), alleging that he had not filed his return despite having a salary income of ₹58,18,452 and securities purchases worth ₹5,22,000. Shah responded by submitting proof of h...