SC Dismisses Revenue SLP for Delay in Share Valuation Reassessment Case

DCIT Vs Ramesh Chandra (Supreme Court of India) 1. Introduction The controversy surrounding reopening of completed assessments on the issue of share valuation has been a recurring theme in income-tax litigation, particularly where the Revenue seeks to rely on share premium paid in isolated or third-party transactions as a benchmark to allege understatement of income. The recent decision of the Delhi High Court in Ramesh Chandra & Ajay Chandra v. Deputy Commissioner of Income Tax and its subsequent affirmation by the Supreme Court of India has now conclusively settled this issue, both on ju...