Case Law Details
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 under the heading ‘non-current investments’.
Despite scrutiny having taken place with regard to the amounts reflected under the head of non-current investments, the petitioner/assessee was served with the impugned notice, i.e., notice dated 27.03.2019, u/s. 148 of the Act.
Via this writ petition, challenge is laid to the notice dated 27.03.2019, issued under Section 148 of the Income Tax Act, 1961.
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