Allowing the petition the Court held that Loan transaction is reflected in the books of account and return filed by the assesee, accordingly there is no material basis of which a reasonable person could have formed the opinion and also lack of jurisdiction, search action is held to be invalid and quashed . ( SPA No. 16360 of 2018 dt 22—2 2019 )
Lalhibhai Kanjibhai Mandalia v PCIT ( 2019) 180 DTR 49 (Guj) (HC)
S. 132 : Search and seizure – Loan transaction is reflected in the books of account and return filed by the assesee- No material basis of which a reasonable person could have formed the opinion and lack of jurisdiction – Search action is held to be invalid [ Art. 226 ]