Reassessment u/s. 148 quashed as matter already decided in favour of assessee by PCIT: Delhi HC

Chandra Global Finance Ltd Vs ITO (Delhi High Court) Delhi High Court held that reopening of assessment u/s. 148 of the Income Tax Act unsustainable as PCIT already decided the matter in favour of the assessee while invoking revisionary powers u/s. 263 of the Income Tax Act. According, reassessment action quashed. Facts- Petitioner is a company and is an Income Tax Assessee for the AY-2014-15. Petitioner was selected for scrutiny u/s. 143(3) of the Act. During the course of assessment proceedings, petitioner was, inter alia, asked about the share holding pattern of M/s Centrodorstory (India) P...