https://www.taxtmi.com/caselaws?id=764694 ITAT Kolkata quashed reassessment proceedings under section 148 due to fundamental flaws in initiation. The AO issued notice under section 148A(b) citing bogus transactions worth Rs. 50 lakh with one entity, but subsequently passed order under section 148A(d) making addition of Rs. 9.68 crore for different grounds involving non-filing returns and accommodation entries. The tribunal found casualness and infirmities in the process, noting disconnect between reasons in notice and final order. Following precedent from Delhi HC, the tribunal allowed the appeal and quashed both notices and consequent orders. en-us Fri, 20 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764694 ITAT Kolkata quashed reassessment proceedings under section 148 due to fundamental flaws in initiation. The AO issued notice under section 148A(b) citing bogus transactions worth Rs. 50 lakh with one entity, but subsequently passed order under section 148A(d) making addition of Rs. 9.68 crore for different grounds involving non-filing returns and accommodation entries. The tribunal found casualness and infirmities in the process, noting disconnect between reasons in notice and final order. Following precedent from Delhi HC, the tribunal allowed the appeal and quashed both notices and consequent orders. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764694