Reassessment Quashed: Income Escapement Not Proven – Delhi HC

Gyan Marketing Associates Pvt. Ltd. Vs ITO (Delhi High Court) Delhi High Court held that facts narrated in notice u/s. 148A(b) couldn’t lead to conclusion that income has escaped assessment. Accordingly, reassessment proceedings initiated is liable to be set aside. Facts- The petitioner has filed the present petition, inter alia, impugning a notice dated 10.04.2023 issued u/s. 148 of the Income Tax Act, 1961 in respect of A.Y. 2016-17. The petitioner also impugns a notice dated 20.03.2023 issued u/s. 148A(b) of the Act and the order dated 10.04.2023 passed u/s. 148A(d) of the Act, pursuant t...