Reassessment proceedings based on incorrect information liable to be quashed

Ankit Agarwal Vs Principal Chief Commissioner of Income Tax Bihar and Jharkhand (Patna High Court) Patna High Court held that reassessment proceedings initiated on the basis of incorrect information which was not supported by any material is not sustainable in law. Accordingly, order passed thereon is liable to be quashed. Facts- The present petition is preferred by the petitioner mainly contesting that after completion of six years, the petitioner was served with impugned order purportedly passed under Section 148A(d) of the Act of 1961 on 06.04.2022 with respect to Assessment Year 2015-16. C...