Allowing the petition the Court held that since revenue had not been able to draw attention to any part of statement of Mr. Agarwal which referred to assessees, and moreover, it failed to furnish to assessees documents evidencing approval for reassessment proceedings. Accordingly the notices and order is set aside. (AY. 2019-20)
Gudwala and Sons v. ACIT (2023) 295 Taxman 772 (Delhi)(HC)
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Cash credits-Accommodation entries-Rishabh Trading Company-Filing of affidavit-Notice and order disposing the objection is quashed and set aside.[S.68, 148, 148A(b), 148A(d), Art. 226]