Guj HC order that no fishing under 148A affirmed by SC

The Supreme Court, by its order dated 10 August 2026, declined to interfere with the Gujarat High Court's judgment quashing reassessment proceedings initiated solely on the basis of high-value debit and credit entries reflected in bank accounts. The Court affirmed that Section 148A cannot be invoked for conducting fishing or roving inquiries in the absence of information suggesting escapement of taxable income.