AO cannot reopen the assessment only on suspicion: ITAT Mumbai

V. K. Nanavaty Share and Stock Brokers Pvt. Ltd Vs ITO (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai quashed the reopening of the assessment for V. K. Nanavaty Share and Stock Brokers Pvt. Ltd by the Income Tax Officer (ITO) under section 148 of the Income Tax Act. This decision, dated May 30, 2023, concerns the assessment year 2012-13. The Tribunal found the notice issued for reopening the assessment to be wholly without jurisdiction and bad in law. Background of the Case V. K. Nanavaty Share and Stock Brokers Pvt. Ltd, engaged in share broking and rel...