Pune ITAT Quashes Reassessment Over Factually Incorrect Section 148 Notice

Advertisement Rehana Shaikh Ishaq Vs ITO (ITAT Pune) Pune ITAT Quashes Reassessment Based on Factually Incorrect Section 148 Notice; Wrong Assertion of Search in Assessee’s Case Held Fatal The Pune ITAT held that a reassessment initiated under sections 147/148 is void ab initio where the very notice under section 148 is founded on factually incorrect assumptions, demonstrating a lack of application of mind. The Tribunal noted that although the Assessing Officer reopened the assessment based on information arising from a search conducted in the Manjeet Pride Group and Gadiya Group, the...