Reassessment Quashed Because Section 148 Notice Was Based on Unfounded Reasons

Prakhar Tandon Vs Assessing Officer (Allahabad High Court) The Allahabad High Court allowed a writ petition challenging a notice issued under Section 148 of the Income Tax Act, 1961, an order rejecting objections to the notice, and the consequent reassessment proceedings. The petitioner contended that the reopening of assessment for Assessment Year 2013-14 was based on an incorrect assumption that he had sold an immovable property and earned capital gains of ₹26,02,150, which had allegedly escaped assessment. The petitioner consistently maintained that no such property had been sold during t...