SC Declines Reassessment Revival as Income & Transactions Were Fully Disclosed in ITR

ITO Vs R D Diamond (Supreme Court of India) SC Upholds Quashing of Section 148 Notice Because Revenue Lacked ‘Reason to Believe’; SC Refuses Interference After Gujarat HC Holds Reopening Was Based on Third-Party Allegations; SC Backs Gujarat HC Decision Because Reassessment Became Fishing and Roving Inquiry; Section 148 Notice Quashed Because Transactions Already Reflected in Profit and Loss Account, SC Declines Appeal. The Supreme Court dismissed the Special Leave Petition filed by the Income Tax Department against the Gujarat High Court judgment that had quashed reassessmen...