https://www.taxtmi.com/caselaws?id=767897 Whether reassessment under s.147/notice under s.148A arose from escaped income: HC held the AO failed to establish that any income of the assessee had escaped assessment. The court accepted that the assessee declared and paid tax on a Rs.60,00,000 profit from sale, that TDS obligation lay on the purchaser, payments (including balance with interest) were evidenced, and that the loan from the purported NBFC was supported by its disclosed capital, reserves and turnover. Conclusion: the s.148A(d) order and notice are unsustainable and are set aside (decided for the assessee). en-us Tue, 18 Mar 2025 00:00:00 +0530 Thu, 15 Jan 2026 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767897 Whether reassessment under s.147/notice under s.148A arose from escaped income: HC held the AO failed to establish that any income of the assessee had escaped assessment. The court accepted that the assessee declared and paid tax on a Rs.60,00,000 profit from sale, that TDS obligation lay on the purchaser, payments (including balance with interest) were evidenced, and that the loan from the purported NBFC was supported by its disclosed capital, reserves and turnover. Conclusion: the s.148A(d) order and notice are unsustainable and are set aside (decided for the assessee). Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767897