No Evidence Linked Assessee to On-Money Transaction: Gujarat HC Quashes Section 148 Notice

Naliniben Jagdishkumar Gandhi Vs ITO (Gujarat High Court) The Gujarat High Court allowed a writ petition challenging a notice issued under Section 148 of the Income Tax Act, 1961 for Assessment Year 2022-23 and quashed the reassessment proceedings initiated against the petitioner. The Court held that the Revenue failed to establish any independent corroborative material linking the petitioner to the alleged “on-money” transaction. The petitioner had filed the return of income for Assessment Year 2022-23 on 25.07.2022 declaring total income of Rs.1.48 crore. During the relevant year, the pe...