ITAT Quashes Reassessment Proceedings Initiated Solely Based on Vague Information from Investigation Wing [Read Order]

ITAT Quashes Reassessment Proceedings - Vague Information from Investigation Wing - Reassessment Proceedings - Investigation Wing - Reassessment - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has quashed the reassessment proceedings initiated solely based on the vague information received from the investigation wing. The assesse, Gulshan Investment Co. Ltd. was a registered NonBanking Finance Company (‘NBFC’) and was engaged in the business of purchase and sale of shares, securities, commodities and mutual…

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