ITAT Quashes Section 147 Proceedings for Incorrect Presumption of Facts

Komal Ketan Shah Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad has allowed the appeal of Komal Ketan Shah against the reassessment order passed for the Assessment Year 2016–17. The reassessment was initiated under Section 147 of the Income Tax Act, based on alleged unaccounted cash investment of ₹99.85 lakh. The Assessing Officer claimed this payment was made as on-money in a property project named “Reevera,” a claim that the assessee refuted. The Tribunal found that the reopening of the case was based on incorrect assumptions and unsupported by con...