Discrepancies in Interest Income Data on E-Portal: Bombay HC quashes Notice u/s 148 of Income Tax Act

The Bombay High Court has quashed a notice issued under Section 148 of the Income Tax Act due to discrepancies in interest income data reported on the e-portal. The notice was challenged on the grounds of incorrect data and procedural lapses. The court found that the discrepancies were significant enough to invalidate the notice, thereby protecting the taxpayer from unjust tax demands. The ruling emphasizes the need for accuracy and proper procedure in tax assessments and notices issued by the tax authorities.