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Reassessment Notice should specify reasons for escapement of income
Case Law Details
- Case Name
- RK Gupta And Son HUF Vs ITO (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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RK Gupta And Son HUF Vs ITO (Delhi High Court)
HC held that notice dated 19.05.2022 issued under Section 148A(b) of the Income Tax Act, 1961 shows, that a survey report was generated vis-à-vis Varun Capital Services Ltd. The said communication also alludes to the fact that assessee had entered into share transaction with Kisna Traders Pvt Ltd in the Financial Years(FY) 2014-15 and 2015-16 in respect of the shares referred to in the table.
As to how this transaction led the AO to conclude/form an opinion that there was escapement of income is not articulated in the notice issued under Section ...
