Delhi HC Drops IBIBO Group’s Income Tax Reassessment

IBIBO Group Private Limited Vs ACIT (Delhi High Court) Delhi High Court ruled in favor of IBIBO Group Private Limited by quashing the income tax reassessment proceedings for the Assessment Year (AY) 2015-16. The proceedings in question had been initiated under Section 148 of the Income Tax Act, 1961, following a notice issued on 23rd July 2022. IBIBO Group filed a writ petition challenging the reassessment action and the associated notice. The petition primarily contested the validity of the reassessment, and the court considered a significant legal concession made by the revenue before the Su...