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Reassessment Quashed for Failure to Record Reasons Under Section 148: ITAT Mumbai
Case Law Details
- Case Name
- Mohd Shafi Isamail Merchant Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-2007
- Courts
- All ITAT, ITAT Mumbai
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Mohd Shafi Isamail Merchant Vs ITO (ITAT Mumbai)
Reassessment Quashed for Non-Recording of Reasons u/s 148(2): ITAT Mumbai Draws Adverse Inference Against Revenue
The Mumbai ITAT (SMC Bench) allowed the appeal of the assessee for AY 2006-07 and quashed the reassessment proceedings initiated under sections 147/148, holding that the mandatory requirement of recording reasons for reopening was not complied with.
The reassessment was triggered solely on the basis of AIR information alleging investment of ₹43.62 lakh in immovable property. The assessment was completed ex parte un...
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