Gujarat HC Quashes Income Tax reassessment for Ignoring Taxpayer Submissions

Mehul Ravjibhai Surani Vs Assessment Unit Income Tax Department & Anr. (Gujarat High Court) Summary: In Mehul Ravjibhai Surani vs. Assessment Unit Income Tax Department & Anr., the Gujarat High Court addressed the legality of an assessment order under Sections 147 read with 144B of the Income Tax Act for AY 2018-19. The petitioner, an individual taxpayer, had declared an income of ₹3.23 lakh and reported a loss of ₹19.88 lakh on the sale of shares of Kushal Limited. The case was reopened on suspicion of escaped income, transferred to the National Faceless Assessment Unit, and the p...