SC Dismisses Reopening as Basis Vanishes After Acceptance in Later Years

ACIT Vs Experion Developers Pvt Ltd. (Supreme Court of India) The batch of writ petitions before the Delhi High Court challenged reassessment notices issued under Section 148 of the Income Tax Act for AYs 2008–09 and 2011–12 (and related years), which were based on information received from the Directorate of Intelligence and Criminal Investigation alleging that investments received from a Singapore-based entity were routed through conduit structures and lacked genuine creditworthiness. The original assessments in several cases had either been completed under Section 143(1) or 143(3) witho...