The HC quashed the reopening of assessment u/s 148, holding that the reasons furnished did not disclose...

The High Court quashed the reopening of the assessment under section 148, determining that the reasons provided lacked fresh tangible material. The Assessing Officer's attempt to reinterpret existing facts from the original assessment was deemed impermissible. The assessee, a religious charitable trust, correctly claimed anonymous donations received in a hundi as non-taxable under section 115BBC(2)(b). Concerns regarding the non-investment of donations in prescribed modes under section 11(5) were irrelevant due to a prior High Court order staying the conversion of precious items or metals. Consequently, the reopening was set aside due to a lack of jurisdiction, ruling in favor of the assessee. .....

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