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HomeDirect TaxITAT Quashes Reassessment Based on “Fictitious Loan” Allegations, Slams Dept. for Acting...

ITAT Quashes Reassessment Based on “Fictitious Loan” Allegations, Slams Dept. for Acting on Incorrect Information

Direct Tax

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By Mariya Paliwala
ITAT Quashes Reassessment Based on “Fictitious Loan” Allegations, Slams Dept. for Acting on Incorrect Information

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The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment orders passed against Shah Mahendrakumar Mafatlal HUF for Assessment Years 2014-15 and 2015-16, holding that the reopening was based on incorrect information and without any supporting evidence.When the very foundation of reopening is flawed, the entire proceedings are vitiated. The Bench of…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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