Bombay HC Quashes Section 148 Notice for Sanction under wrong section

Vardhaman Multi Staet Cooperative Credit Society Ltd. Vs ITO (Bombay High Court) Introduction: The Bombay High Court has quashed a notice under Section 148 for the Assessment Year (AY) 2016-17 in the case of Vardhaman Multi-State Cooperative Credit Society Ltd. vs. ITO. This decision comes in the aftermath of the court’s earlier ruling in Siemens Financial Services Pvt. Ltd. v. Deputy Commissioner of Income Tax, providing clarity on the applicable section for sanction under the Income Tax Act, 1961. Detailed Analysis: In the judgment, the court emphasized that for AY 2016-17, the sanctio...