No Reassessment on Issues Already Scrutinised in Regular Assessment: SC

ACIT Vs Axter Pharmaceuticals India Private Limited (Supreme Court of India) The matter before the Gujarat High Court and subsequently the Supreme Court involved challenges to notices issued under Section 148 of the Income Tax Act, 1961, for reopening assessments of Axter Pharmaceuticals India Pvt. Ltd. (formerly Claris Injectable Limited) for the Assessment Years 2015-16, 2016-17, and 2017-18. The notices were issued on the grounds that the Assessing Officer (AO) had reasons to believe that income had escaped assessment related to depreciation claims and capital gains arising from the acquisi...