https://www.taxtmi.com/caselaws?id=752053 HC set aside the order under Section 148A(d) quashing the reassessment action where the AO had accepted the assessee's explanation that contested transactions were accounted for and income was offered to tax. The court held the AO could not proceed to recommend escaped income after accepting the explanation and found the PCIT's approval of the draft order was mechanical and without application of mind. The HC allowed the petition in favour of the assessee but observed the AO may, if legally permissible, issue a fresh notice under Section 148A(b); no opinion was expressed on that. en-us Mon, 22 Apr 2024 00:00:00 +0530 Mon, 01 Sep 2025 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752053 HC set aside the order under Section 148A(d) quashing the reassessment action where the AO had accepted the assessee's explanation that contested transactions were accounted for and income was offered to tax. The court held the AO could not proceed to recommend escaped income after accepting the explanation and found the PCIT's approval of the draft order was mechanical and without application of mind. The HC allowed the petition in favour of the assessee but observed the AO may, if legally permissible, issue a fresh notice under Section 148A(b); no opinion was expressed on that. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752053