Summary
- The Mumbai ITAT has quashed a reassessment order, ruling that a notice issued under Section 143(2) before the return was filed is invalid.
- The Tribunal emphasized that no fresh notice was issued after the return, rendering the reassessment void ab initio.
- Additionally, it found that the loans in question were substantiated by extensive documentation, dismissing them as unexplained cash credits.
- This decision underscores the necessity of procedural compliance in tax assessments and may influence future cases involving similar issues.
Join the discussion — sign up to comment, upvote, and save articles.