Reassessment Upheld Because Third-Party Excel Data Indicated Escaped Income

Veena Arora Vs CIT (Delhi High Court) The Delhi High Court dismissed a writ petition challenging a reassessment notice issued under section 148 of the Income Tax Act, holding that the post-1 April 2021 reassessment regime is information-based and no longer requires the traditional recording of a strict “reason to believe.” The notice was founded on an excel sheet recovered during a search at a real estate group indicating an alleged cash transaction in the assessee’s name, along with the admitted fact that the assessee had purchased a flat from the same group. The Court ruled that, at th...