https://www.taxtmi.com/caselaws?id=761290 Gujarat HC quashed reassessment proceedings initiated under sections 148, 148A(b), and 148A(d) of the Income Tax Act. The court held that the specified authority mechanically granted sanction without proper application of mind and failed to consider the assessee's reply detailing fixed deposit investments made since 2013. The Assessing Officer did not consider the bank statements and reply filed by the petitioner, which showed no income escapement. The court found the reassessment notice and order were passed without jurisdiction as mandatory consideration of the assessee's response was ignored. Petition allowed. en-us Tue, 08 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761290 Gujarat HC quashed reassessment proceedings initiated under sections 148, 148A(b), and 148A(d) of the Income Tax Act. The court held that the specified authority mechanically granted sanction without proper application of mind and failed to consider the assessee's reply detailing fixed deposit investments made since 2013. The Assessing Officer did not consider the bank statements and reply filed by the petitioner, which showed no income escapement. The court found the reassessment notice and order were passed without jurisdiction as mandatory consideration of the assessee's response was ignored. Petition allowed. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761290