Material indicating purchase from non-existing entities can be basis for reassessment u/s. 148

Majestic Handicraft Private Limited Vs DCIT (Delhi High Court) Delhi High Court held that reassessment under section 148 based on material indicating that entities from whom material was procured by the petitioner were non-existing i.e. non-genuine. Accordingly, petition dismissed. Facts- The petitioner has filed the present petition, inter alia, impugning a notice dated 22.03.2024 issued u/s. 148A(b) of the Income Tax Act, 1961 as well as the order dated 31.03.2024 issued u/s. 148A(d) of the Act. Notably, AO had certain information to suggest that the petitioner’s income for the FY 2017-18 ...