SC Dismisses SLP Due to 124-Day Delay and Upholds Quashing of Reassessment

ACIT Vs Bharat Petroleum Corporation Ltd. (Supreme Court of India) The dispute arose from reassessment proceedings initiated by the tax authorities against Bharat Petroleum Corporation Ltd. under Sections 147 and 148 of the Income Tax Act, 1961 for Assessment Years (AY) 2013–14 and 2014–15. The notices were issued after more than four years from the end of the relevant assessment years. The reassessment was initiated on the ground that income had allegedly escaped assessment due to the assessee’s failure to disclose fully and truly all material facts. Read High Court Judgment in this cas...