Reopening untenable in absence of tangible material concluding that income has escaped assessment

Maharashtra State Power Generation Company Limited Vs ACIT (Bombay High Court) Bombay High Court held that reopening of assessment, in the exercise of powers under section 147 read with section 148 of the Act, without tangible material to conclude that income had escaped assessment is untenable in law. Facts- The petitioner is a company engaged in the business of electricity generation for the state of Maharashtra. Petitioner filed its original return of income for A.Y. 2013-14 on 20th November 2013 and the revised return on 20th March 2014. The petitioner’s case was selected for scrutiny. D...