Reopening u/s. 148 based on wrong facts is not sustainable: ITAT Chandigarh

ITO Vs Raj Autos (ITAT Chandigarh)

ITAT Chandigarh held that foundation of reopening of assessment under section 148 of the Income Tax Act based on wrong facts is not justifiable. Hence, reopening of assessment is liable to be quashed.

Facts- Assessee has filed its return of income on 15.09.2016 declaring total income at Rs.12,17,270/-. The assessee at the relevant time was an authorized dealer of Honda since 2012. According to the AO, he has received an information that assessee has deposited a sum of Rs.19,15,47,805/- in its bank account with Indusind Ban

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