Loose Papers Alone Cannot Justify Income Tax Reopening Without Corroborative Evidence: Gujarat HC

Naveenchandra Prahladbhai Patel Vs ITO (Gujarat High Court) Gujarat High Court Quashes Section 148 Reopening Because Loose Paper Had No Nexus With Assessee; Reassessment Invalid Because Seized Document Referred to NA Land While Assessee Sold Agricultural Land; Gujarat HC Sets Aside Section 148 Notice Because Escapement Allegations Were Based on Conjectures; Gujarat HC Quashes Reassessment Because Third-Party Documents Did Not Identify Assessee or Purchaser. Summary: The Gujarat High Court considered the validity of a notice issued under Section 148 and the consequent reassessment order pass...