Calcutta HC Quashes Reassessment Due to Mere Suspicion Without Independent Inquiry

PCIT Vs Purple Suppliers Pvt. Ltd. (Calcutta High Court) The Calcutta High Court dismissed three appeals filed by the Revenue challenging a common order of the Income Tax Appellate Tribunal relating to assessment years 2011-12, 2012-13, and 2013-14. The dispute concerned reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act, 1961 on allegations that purchases made by the assessee from Sancheti Diamonds Pvt. Ltd. were bogus in nature. The Assessing Officer reopened the assessments based on information received from the Investigation Wing, Mumbai, alleging suspiciou...