Reopening of assessment based on incorrect facts or conclusions cannot be sustained

Arvind Sahdeo Gupta Vs ITO (Bombay High Court) Bombay High Court held that if the reasons for re-opening the assessment are based on incorrect facts or conclusions, the notice issued under section 148 of the income Tax Act for re-opening cannot be sustained. Facts- Vide the present writ petition, the petitioner has challenge issuance of notice dated 24/03/2020 u/s. 148 of the Act of 1961 on the grounds that the said notice has been issued on incorrect facts, no reasons have been given while deciding the objections raised by the petitioner to the re-opening of the proceedings and the same have ...