https://www.taxtmi.com/caselaws?id=757904 Gujarat HC quashed reassessment proceedings initiated under section 148A(d) of the Income Tax Act. The AO reopened assessment solely because petitioner failed to furnish Sales and Purchase Register, despite accepting explanations for all six questioned transactions. Court held AO acted with non-application of mind, concluding income escapement without material evidence on record. AO ignored that petitioner had filed return with audit report, balance sheet, and P&L account. Petition allowed. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 08:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757904 Gujarat HC quashed reassessment proceedings initiated under section 148A(d) of the Income Tax Act. The AO reopened assessment solely because petitioner failed to furnish Sales and Purchase Register, despite accepting explanations for all six questioned transactions. Court held AO acted with non-application of mind, concluding income escapement without material evidence on record. AO ignored that petitioner had filed return with audit report, balance sheet, and P&L account. Petition allowed. Case-Laws Income Tax Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757904