SC Upholds Reassessment Quash Order Due to Mere Suspicion Without ‘Reason to Believe’

PCIT Vs Purple Suppliers Pvt. Ltd. (Supreme Court of India) The Supreme Court of India dismissed the Revenue’s Special Leave Petition filed against the judgment of the Calcutta High Court in the matter concerning reassessment proceedings under Sections 147 and 148 of the Income Tax Act, 1961. The Supreme Court condoned the delay, heard the Revenue, and held that there was no ground to interfere with the order passed by the High Court. Consequently, the Special Leave Petition and pending applications were dismissed. Read Calcutta HC judgment in this case: Calcutta HC Quashes Reassessment Due...