Gujarat HC Quashes Tax Notice for Factual Error: Loan Given, Not Received

Krupesh Ghanshyambhai Thakkar Vs DCIT (Gujarat High Court) Gujarat High Court Sets Aside Reassessment Notice Based on Factual Error Ahmedabad: The Gujarat High Court, in the case of Krupesh Ghanshyambhai Thakkar Vs Deputy Commissioner of Income Tax (DCIT), has set aside a notice dated March 27, 2017, issued by the Assessing Officer (AO) seeking to reopen the petitioner’s assessment for the Assessment Year (AY) 2010-11. The court found that the fundamental factual premise upon which the AO based the reopening was incorrect. The core issue revolved around transactions between the petitione...