Reassessment proceedings initiated by mistake is liable to be set aside

Tirupati Trading Corporation Vs ACIT (Delhi High Court) Delhi High Court held that a mistake has been made in triggering reassessment proceedings against the petitioner as no impugned transactions have been carried out by the assessee and accordingly, re-assessment proceedings initiated u/s. 148 of the Income Tax Act is set aside. Facts- The present writ petition is directed against the order dated 28.07.2022 passed u/s. 148A(d) of the Income Tax Act, 1961 and the consequent notice of even date i.e., 28.07.2022 issued u/s. 148 of the Act, concerning Assessment Year (AY) 2016-17. It is contende...