No reassessment where no original assessment -SC

Brief of the Case Supreme Court held In the case of M/s. Standard Chartered Finance Ltd. vs. CIT that the question of reassessment arises only when there is an assessment in the first instance i.e. no reassessment is possible without original assessment order passed. The High Court has wrongly not acted upon the ratio laid down in Trustees of H.E.H. The Nizam’s Supplemental Family Trust’s [2000] 242 ITR 381 SC which squarely applies in the instant case in favour of the assessee. Facts of the Case The admitted facts are that on the return filed by the assessee for this Assessment Y...