https://www.taxtmi.com/caselaws?id=448456 The ITAT Delhi ruled in favor of the assessee regarding reopening of assessment under section 148. The Revenue treated the appellant's Rs. 28.82 crore equity share investment as undisclosed business income taxable at 40%. The tribunal found that the AO failed to establish prima facie satisfaction of income escapement, noting the remittances were from sale of investments and proper Form 15CA was filed. The reopening was based solely on remittances without valid reasons. The section 148 notice was declared void ab initio, rendering the assessment nullity. The assessee's appeal was allowed. en-us Wed, 17 Jan 2024 00:00:00 +0530 Fri, 19 Jan 2024 08:50:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448456 The ITAT Delhi ruled in favor of the assessee regarding reopening of assessment under section 148. The Revenue treated the appellant's Rs. 28.82 crore equity share investment as undisclosed business income taxable at 40%. The tribunal found that the AO failed to establish prima facie satisfaction of income escapement, noting the remittances were from sale of investments and proper Form 15CA was filed. The reopening was based solely on remittances without valid reasons. The section 148 notice was declared void ab initio, rendering the assessment nullity. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448456