Loose Papers Without Identifiable Link Cannot Justify Reassessment: Gujarat HC

Love Dharminkumar Patel Vs ITO (Gujarat High Court) The Gujarat High Court, in the case concerning a challenge to reassessment proceedings, examined the validity of notices issued under Sections 148 and 142(1) of the Income Tax Act, 1961. The petitioner had filed a return of income for Assessment Year 2020–21. Subsequently, a search and seizure operation was conducted on certain real estate groups, during which materials were recovered suggesting alleged cash transactions in property dealings around Ahmedabad. Based on this material, including a statement recorded under Section 131 and a loo...