Income Tax Reassessment can be Exercise only on Fit Case: Allahabad HC sets aside Order Passed u/s 148A [Read Order]
The Court held that the Assessing Authority need not go into the correctness of the material but only record its satisfaction as to the relevancy of the material for assuming jurisdiction for initiating reassessment proceedings under Section 148 of the Act.
The Allahabad High Court while allowing the order passed under Section 148A of the Income Tax Act, 1961, it was held that reassessment under the Income Tax Act can be exercised only on fit case. The Court held that the Assessing Authority need not go into the correctness of the material but only record its…
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