Senior Officers Expected to Exercise Due Diligence in Initiating Reassessment for Concluded Assessment.

Shourya Infrastructure Pvt. Ltd. Vs ITO (Delhi High Court) Conclusion: Reopening of the concluded scrutiny assessment was a serious business, therefore, senior officers like ACIT and PCIT were expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings. Held: SIPL was in the real estate business, including constructing, buying, and selling immovable properties. Upon the assessee filing its Return of Income (ROI) for the AY in issue, AO took it up for scrutiny under Section 143(3). SIPL indicated to AO that although it had purchased th...