Order set aside as AO erroneously added value of transaction for calculating escaped assessment

Rishi Bansal Vs ITO (Delhi High Court)

Delhi High Court held that AO has erroneously added value of transaction while calculating income that could possibly have escaped assessment. Accordingly, order set aside and matter remanded back to AO for fresh consideration.

Facts- The petitioner has filed the present petition, inter alia, impugning an order passed u/s. 148A(d) of the Income Tax Act, 1961 as well as the reopening of the assessment proceedings initiated pursuant to the notice issued u/s. 148 of the Act.

The present petition mainly cont

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