ITAT Quashes Reassessment: Reasons Based Solely on ADIT Information Invalid Under Sections 147/148

ACIT Vs Vishal Gold & Precious Stones Pvt Ltd (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has dismissed an appeal filed by the Assistant Commissioner of Income Tax (ACIT), upholding the decision of the Commissioner of Income Tax (Appeals) to quash reassessment proceedings initiated against M/s. Vishal Gold & Precious Stones Pvt Ltd for the Assessment Year 2007-08. The Tribunal’s order, pronounced on May 15, 2025, affirmed that the reassessment was invalid due to a lack of independent application of mind by the Assessing Officer (AO) and the absence of fresh, incri...