https://www.taxtmi.com/caselaws?id=754989 The ITAT Amritsar quashed an assessment order made under section 148A, ruling that the reopening was based on incorrect facts. The AO had relied on AIR information regarding deposits in a J&K Bank account that did not belong to the assessee. Despite bank certificates confirming the assessee had no account with the bank, the CIT(A) upheld the addition. The ITAT held that reopening based on wrong assumption of facts is invalid, and the CIT(A) committed factual and legal errors by disregarding the bank's certificate. The assessee's appeal was allowed. en-us Tue, 04 Jun 2024 00:00:00 +0530 Thu, 04 Jul 2024 08:16:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754989 The ITAT Amritsar quashed an assessment order made under section 148A, ruling that the reopening was based on incorrect facts. The AO had relied on AIR information regarding deposits in a J&K Bank account that did not belong to the assessee. Despite bank certificates confirming the assessee had no account with the bank, the CIT(A) upheld the addition. The ITAT held that reopening based on wrong assumption of facts is invalid, and the CIT(A) committed factual and legal errors by disregarding the bank's certificate. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754989