Allowing the petition the Court held that the amount related to assessment year 2012-13, however the notice was issued for the assessment year 2013-14. The objections having been decided without any speaking order and not dealing with undisputed factual aspects, lead to conclusion that reopening of assessment was without there being any reason to believe that income had escaped assessment. Accordingly the notice and order disposing the objection is quashed. (AY. 2013-14)
Arvind Sahdeo Gupta v. ITO (2023) 295 Taxman 30/334 CTR 294 (Bom.)(HC)
S. 147 : Reassessment-After the expiry of four years-Investment in purchase of shares-Objections disposed without passing speaking order-Fundamental factual error-Reassessment notice and order disposing the objection is quashed.[S. 68, 148,151, Art. 226]