Section 148 Reassessment Set Aside for Lack of Deficiency in Assessee’s Explanation

Koa Investment Limited Vs ITO (Delhi High Court) Delhi High Court held the reassessment proceedings under section 148 of the Income Tax Act as liable to be set aside as AO failed to demonstrate that explanation given by the assessee was deficient. Facts- The petitioner/assessee was subjected to scrutiny assessment and accordingly, the order dated 11.02.2015 was passed under Section 142(1) of the Act. Prior to the scrutiny, the petitioner/assessee, inter alia, was called upon to furnish information as to various aspects, including the amount shown in the balance sheet for the year in issue unde...