ITAT Bangalore Quashes Reassessment Over Procedural Flaws in New Framework

Advertisement E. Ashwath Narayan Vs ITO (ITAT Bangalore) Bengaluru: In a ruling underscoring the strict procedural requirements introduced for initiating reassessment proceedings, the Income Tax Appellate Tribunal (ITAT), Bangalore bench, has quashed an assessment order against an individual, E. Ashwath Narayan. The tribunal found that the tax authorities had failed to adhere to the mandatory steps outlined in the new Section 148A of the Income Tax Act, 1961, rendering the entire reassessment process invalid. The case involved the assessment year 2015-16. The assessee had not filed a return...