Delhi HC Directs Readjudication: Assessment Order u/s 148A(b) Invalid for Escaped Income Below Rs. 50 Lakhs

Praveen Bansal Vs ITO (Delhi High Court) The Delhi High Court has addressed the case of Praveen Bansal Vs ITO, concerning the assessment order under Section 148A(b) of the Income Tax Act. The petitioner has challenged the order and the notice issued, as well as the Instruction No.1 of 2022 dated 11.05.2022 provided by the CBDT. The court acknowledged that no response was submitted by the petitioner to the notice under Section 148A(b) and highlighted the transactions mentioned in the case-related information detail (CRID). The petitioner’s stand that the alleged escaped income would be be...