Notice u/s 148 of Income Tax Act lacks record of ‘reasons to believe’ for initiating Proceedings: ITAT quashes Re-assessment Order [Read Order]

Income Tax Act - reasons to believe - proceedings - ITAT - Re-assessment Order - taxscan

“Since the jurisdictional issue has been held in favour of the assessee, holding assessment order as not sustainable”, stated the Kolkata bench of Income Tax Appellate Tribunal (ITAT) The bench quashed the assessment order as the Assessing Officer (AO) failed to record the ‘reasons to believe’ for initiating the reassessment proceedings under Section 148 of…

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