Neither Rational Nexus Nor Fresh Material To Believe Escapement Of Income: Delhi High Court Quashes Reassessment Notice

The Delhi High Court has quashed the reassessment notice issued under Section 148 of Income Tax Act, 1961 on the grounds that the reason to believe was invalid, had no rational nexus to the belief for escapement of income and there was no fresh material on record to initiate reassessment proceedings. The division bench of Justice Manmohan and Justice Sudhir Kumar Jain has opined that...