Validity of initiation of reassessment u/s. 147 and 148 must be independently evaluated: Delhi HC

Ats Infrastructure Limited Vs ACIT (Delhi High Court) Delhi High Court held that validity of initiation of reassessment u/s. 147 and 148 of the Income Tax Act must be independently evaluated. It cannot be confused with the power that could ultimately be available in the hands of the AO and which could be invoked once an assessment has been validly reopened. Facts- The department issued notice u/s. 148A(b) of the Income Tax Act, 1961, alleging that the petitioner had received loan from its 100% subsidiary i.e., Gul Properties Pvt. Ltd. However, the order dated 07.2022 was passed u/s. 148A(d) of...