https://www.taxtmi.com/caselaws?id=450254 ITAT Delhi quashed reassessment notice u/s 148 as invalid due to lack of tangible material for reason to believe income escaped assessment. Primary reason cited was non-filing of return for AY 2010-11, but evidence showed return was filed on 29.10.2010 and processed on 21.02.2011 u/s 143(1). AO failed to consider filed ITR, making reassessment proceedings bad in law. Additionally, enhanced compensation received on 12.06.2007 was taxable in AY 2008-09, not AY 2010-11 as assessed. CIT(A)'s deletion of addition upheld following SC precedent in Ghanshyam (HUF). Decision favored assessee on both grounds. en-us Wed, 28 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450254 ITAT Delhi quashed reassessment notice u/s 148 as invalid due to lack of tangible material for reason to believe income escaped assessment. Primary reason cited was non-filing of return for AY 2010-11, but evidence showed return was filed on 29.10.2010 and processed on 21.02.2011 u/s 143(1). AO failed to consider filed ITR, making reassessment proceedings bad in law. Additionally, enhanced compensation received on 12.06.2007 was taxable in AY 2008-09, not AY 2010-11 as assessed. CIT(A)'s deletion of addition upheld following SC precedent in Ghanshyam (HUF). Decision favored assessee on both grounds. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450254