Tax Authority Cannot Use Surrendered PAN for Reassessment: Gujarat HC

Panchsheel Mercantile Co-Op Bank Limited Vs ACIT (Gujarat High Court) The Gujarat High Court examined a writ petition filed by Panchsheel Mercantile Co-Op Bank Limited challenging the legality of an order passed under Section 148A(d) and a notice issued under Section 148 of the Income Tax Act, 1961, dated 31 March 2023, for the Assessment Year 2019-20. The petitioner, a Mercantile Co-operative Society, had filed its return of income under Section 139(1) on 22 October 2019 for a total income of ₹1,35,85,340, using its new PAN (AADAT9507D). Prior to filing, the petitioner had surrendered its e...