Section 148 Notice Quashed for Lack of Live Nexus With Seized Material: Gujarat HC

Innovative Infrastructure Vs ITO (Gujarat High Court) The Gujarat High Court examined the validity of a notice issued under Section 148 of the Income-tax Act, 1961 for Assessment Year 2021-22, whereby the Assessing Officer sought to reopen the petitioner’s assessment on the allegation that the petitioner had paid unaccounted “on-money” while purchasing land. The reassessment was based entirely on an entry dated 10.03.2019 found in an inquiry register seized during a search conducted under Section 132 at the premises of a real estate broker. The seized register contained details of var...