Reopening of assessment and imposition of penalty set aside as AO failed to satisfy HC direction

Sahebrao Deshmukh Co-op. Bank Ltd. Vs ACIT (Bombay High Court) Bombay High Court held that AO failed to satisfy the direction given by the court while issuing notice under section 148 of the Income Tax Act. Accordingly, order for reopening of assessment and demanding penalty u/s 271(1)(c) are quashed and set aside. Facts- This is a writ petition invoking this Court’s power under Article 226 of the Constitution of India to challenge order dated 31.03.2021, passed under Section 148 of the Income Tax Act, 1961, and further challenge to order dated 22.03.2022, rejecting the Petitioner’s object...