ITAT Bangalore: Section 148 Valid, Reassessment Set Aside for Non-Supply of Reasons

Guthu Rithesh Rai Vs DCIT (ITAT Bangalore) 148 Valid, But Reasons Must Be Supplied: ITAT Bangalore Sets Aside Reassessment for Fresh Adjudication The Bangalore SMC Bench of the ITAT set aside the reassessment framed u/s 143(3) r.w.s. 147 and restored the matter to the AO solely on the ground that reasons recorded for reopening were not furnished to the Assessee, thereby depriving him of the statutory right to file objections. However, the Tribunal upheld the validity of reopening u/s 148 and also agreed, in principle, that the unexplained investment could be examined in the hands of the Assess...