Assessing Officer issued notice under section 148A(b) proposing to initiate reassessment proceedings on ground that assessee had not disclosed interest income in its return of income. The assessee has filed reply. Without considering the reply the assessment order was passed. On writ reassessment order is set aside and matter is remanded to Assessing Officer for considering assessee’s reply afresh and to pass a reasoned order. (AY. 2018-19)
Vivek Kumar v. ITO (2025) 302 Taxman 96 (Delhi)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unexplained investments-Interest income-Failure to consider the reply-Matter remanded to the Assessing Officer. [S.69, 143(3), 148, 148A(b), 148A(d), Art. 226]