Reassessment based on incorrect facts and without application of mind cannot be sustained

ITO Vs Taj Land Developers and Promoters Pvt. Ltd. (ITAT Chandigarh) ITAT Chandigarh held that reopening of assessment on the basis of factually incorrect facts and reasons without application of mind and without verification of facts cannot be sustained in the eyes of law. Accordingly, reopening quashed and appeal of revenue dismissed. Facts- The present appeal is preferred by the revenue. It is mainly contested that CIT(A) has erred in quashing the assessment order by holding that re-opening by issuance of a notice u/s 148 of the Income Tax Act is invalid. Conclusion- Hon’ble Bombay High ...