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The Gujarat High Court held a notice issued under section 148 of the Income Tax Act invalid as it was issued beyond the permissible “surviving time” defined by the Supreme Court.
ITAT restored Rs. 20 Cr in unsecured loans, interest, and squared-up loans for fresh verification, noting CIT(A) erred by deleting additions at the stroke of a pen. Large new loans and substantial repayments required independent checks on purpose and creditworthiness. The ruling reinforces that appellate deletion without inquiry violates Rule 46A and legal principles under sections 68 and 69.
The Tribunal held that the Section 148 notice issued by the jurisdictional officer instead of the faceless authority violated Section 151A. With the notice invalid, the reassessment and jewellery addition were quashed.
The Tribunal annulled the reassessment after finding that both the notice and order were issued to a company that had been struck off. It held the proceedings invalid and allowed the appeal.
The ITAT concluded that non-compliance with faceless procedure under Section 151A renders Section 148 notices invalid, nullifying both substantive and protective additions.
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act is mere change of opinion since there is no failure on part of assessee as to full and true disclosure. Accordingly, reassessment is liable to be quashed and set aside.
The Court held that a Section 148 notice issued by the Jurisdictional Assessing Officer is invalid where the faceless system applies. It quashed the reassessment proceedings and confirmed that such notices must be issued only by the Faceless Assessing Officer.
The Tribunal held that a reassessment notice issued beyond three years was invalid because approval was taken from the PCIT instead of the PCCIT. The ruling reiterates that the 2023 amendment to Section 151 cannot be applied retrospectively.
The Court ruled that Section 148 notices issued by the local Assessing Officer, following orders under Section 148A(d), are legally valid. It rejected arguments that such notices must be issued facelessly under the 2022 Scheme. This establishes that notice issuance and faceless assessment are distinct processes.
ITAT Chennai ruled that notional contract values in F&O trading cannot be treated as real income. The case was sent back to the AO for reassessment based on actual profits and losses.
