Allowing the petition, the Court observed that, considering that the Department had taken corrective steps during the pendency of the petition, it was to be hoped that in future, no such action would be taken by the authorities on the basis of information made available on the Insight Portal without verification by the jurisdictional Assessing Officer and merely by considering such information as the correct information. Court observed that in future, no such action would be taken by authorities on the basis of information made available on the Insight Portal without verification by the jurisdictional Assessing Officer.
Vasuki Global Industrial Ltd. (formerly Vasuki Tradelink Pvt. Ltd.) v PCIT (2026) 484 ITR 698/308 Taxman 8 (Guj)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Strictures-Assessing Officer before issuance of notice to verify information made available on Insight Portal which suggests that income chargeable to tax has escaped assessment-If necessary, Assessing Officer must conduct inquiry with prior approval of specified authority with respect to such information and only thereafter invoke provisions-Court observed that in future, no such action would be taken by authorities on basis of information made available on Insight Portal without verification by jurisdictional Assessing Officer.[S. 147, 148, 148A(b), 148A(d), Art. 226]
Leave a Reply