ITAT Quashed Reassessment as AO Failed to Establish Escaped Income as Asset

Vamsiram Builders and Developers Pvt. Ltd. Vs ACIT (ITAT Hyderabad) Section 148 Notice Invalid Due to Absence of Nexus Between Search Material and Escaped Income; Reopening Beyond Three Years Set Aside for Non-Compliance with Section 149 Conditions; Reassessment Proceedings Annulled Because Seized Cash Records Were Not ‘Assets’ or ‘Books of Account’; Assessment Reopened on Borrowed Satisfaction Held Unsustainable in Law. In this case, the ITAT Hyderabad examined the validity of reassessment notices issued under Sections 148 and 149(1)(b) of the Income-tax Act for Assessment Years 2016-...