Allowing the petition the Court held that issue of notice on ground that returns had not been submitted . When the Loan transactions were accepted in original assessment issue of notice seeking to assess outstanding liability as income from other sources is held to be not valid . (AY. 2011-12)
Vanita Sanjeev Anand v .ITO (2020)422 ITR 1/ 189 DTR 198/ 314 CTR 608/ 271 Taxman 105 (Delhi)(HC)
S.147: Reassessment — Return submitted — Notice on ground that returns had not been submitted — Loan transactions accepted in original assessment —Notice seeking to assess outstanding liability as income from other sources — Held to be not valid [ S. 56, 148 , Art .226 ]