Mumbai ITAT quashes reassessment for AY 2015-16 – AO’s “artificial inflation” of escaped income held legally unsustainable

Manoj Purushottam Bhadra Vs ITO Ward-20(2)(1) (ITAT Mumbai) Mumbai ITAT quashes reassessment for AY 2015-16 – AO’s “artificial inflation” of escaped income held legally unsustainable In a major relief to the assessee, the Mumbai ITAT quashed the entire reassessment proceedings initiated u/s 147 after holding that the notice issued u/s 148 dated 18.04.2022 for AY 2015-16 was time-barred, based on incorrect facts, and issued without proper jurisdiction. The reopening was triggered on the basis of information available on the Insight Portal alleging that the assessee had purchased imm...