Pen drive with FY 2014-15 data cannot justify reassessment for AY 2019-20

Panch Tatva Promotors Private Limited Vs ACIT (Delhi High Court) The Delhi High Court has set aside an Income Tax notice issued under Section 153C of the Income Tax Act, 1961, in the case of Panch Tatva Promotors Private Limited, ruling that a pen drive containing information from a different financial year cannot be the basis for reassessing income. The judgment, delivered by the Delhi High Court, addressed a notice dated August 28, 2024, pertaining to Assessment Year (AY) 2019-20. The notice was based on a satisfaction note from the Assessing Officer (AO) of Mr. Samir Modi and Ms. Shivani Mo...