ITAT Quashes Reassessment as Reasons Recorded for Section 148 Notice Were Unsigned

Shri Prahalad Singh Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal and quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income-tax Act, 1961, for Assessment Year 2011-12. The assessee had originally filed a return of income on 18 September 2012 declaring total income of ₹11,83,380. Subsequently, the Assessing Officer (AO) received information that the assessee had sold land situated at Village Kadarpur, Tehsil Sohna, along with other co-owners, for a total consideration of ₹30.24 crore. The...