Reopening of assessment without tangible material is unsustainable

SLS Energy Pvt Ltd Vs ITO (Bombay High Court) Bombay High Court held that reopening of assessment under section 147 of the Income Tact Act unsustainable as there is no reason to believe that income has escaped assessment nor there is any tangible material. Facts- The present Petition has been fled challenging the notice dated 23 March 2015 for the relevant assessment years-2010-11 issued under Section 148 of the Income Tax Act, 1961 (“the Act”), whereby the assessing officer proposed to reassess the income for the assessment year 2010-11 on the ground that the income had escaped assessment...