Reassessment Proceedings Initiated Without Documentary Evidence and Based on Borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]
No relevant documents related to the assessment year were found during the survey, and the notice under Section 148 was issued based only on unverified information from the Investigation Wing
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ),quashed reassessment proceedings initiated without any documentary evidence and based solely on borrowed satisfaction. The Revenue-appellant appealed against the order passed by CIT(A) dated 03.10.2016 for AY 2007–08. In this case,Vishal Gold & Precious Stones Pvt. Ltd,respondent-assessee,argued that the reassessment under Section 147 was initiated without any…
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