Gujarat HC Sets Aside Reopening as High-Value Bank Credits Alone Cannot Justify Reassessment

O3 Developers Pvt. Ltd. Vs ITO (Gujarat High Court) The Gujarat High Court heard writ petitions challenging the reopening of assessment proceedings for Assessment Years (AYs) 2019-20 and 2021-22. The petitioner challenged the notices issued under Section 148 and the orders passed under Section 148A(3) of the Income Tax Act, 1961, contending that the reassessment proceedings were initiated despite detailed explanations already having been furnished in response to the show cause notices. The petitioner submitted that all bank transactions, including credit entries, were duly recorded in its book...