Reassessment Notice Quashed for Lack of Independent “Reason to Believe”

Mita Ashish Desai Vs DCIT (Gujarat High Court) The Gujarat High Court considered a writ petition filed under Article 226 of the Constitution of India challenging a notice dated 30 June 2022 issued under Section 148 of the Income Tax Act, 1961, seeking to reopen the assessment for Assessment Year 2017–18. The petitioner had filed her return of income on 29 June 2017, declaring total income of ₹1,46,14,640. The return disclosed short-term capital gains arising from the sale of shares of Kushal Tradelink Limited, and tax on such gains was duly paid. Subsequently, the Assessing Officer initiat...