Reassessment based on Incorrect Facts not Valid: ITAT Quashes Notice u/s 148

The ITAT quashed a Section 148 reassessment notice, holding that basing such notice on incorrect facts invalidates the process. The Tribunal reiterated that reassessment must be grounded in new or real information. Mere assumptions or mistakes cannot justify reopening assessments. The ruling reinforces procedural safeguards against frivolous or erroneous reassessment proceedings.:contentReference[oaicite:8]{index=8}