In the result, the appeal of the assessee is allowed for statistical purposes
Bench: Shri Siddhartha Nautiyal & Shri Bhagirath Mal Biyani
reassessment proceedings for A.Y. 2011–12. The Assessing Officer reopened the assessment by issuing notice under section 148 of the Income-tax Act, 1961 (“the Act”). The reopening was based on information received from the Investigation Wing that the assessee had purchased an immovable property worth ₹2,40,40,000/- through open auction from UCO Bank and that part