Rajasthan HC quashes section 148 notice for Vague & Incomplete Information

Prateek Bulls And Bears Private Limited Vs DCIT (Rajasthan High Court) The Rajasthan High Court set aside an Income Tax notice issued to Prateek Bulls And Bears Pvt Ltd for the Assessment Year 2018-19, citing procedural lapses and lack of substantive evidence. The case involved a notice under Section 148A(b) of the Income Tax Act, 1961, alleging a credit entry of ₹4.5 crore and a debit entry of ₹4.50 crore in a bank account. The petitioner denied ownership of the mentioned account and provided proof that its ICICI Bank account had been closed in 2010. Despite this, the Assessing Officer (A...