Reassessment u/s. 148 quashed as conditions u/s. 150 not fulfilled: Delhi HC

PCIT Vs Capital Power Systems Ltd. (Delhi High Court) Delhi High Court held that initiation of reassessment proceedings under section 148 of the Income Tax Act liable to be quashed in as much as conditions set out in section 150 of the Income Tax Act not fulfilled. Facts- A search and seizure operation u/s. 132 of the Act was carried out in the case of Capital Meter Group on 26.06.2006. Sh. Pawan Kumar Bansal was the Chief Executive Officer (CEO) and Director of Capital Power Systems Ltd. (assessee) and Sh. Mahesh Kumar Gupta was another Director of the assessee – which is one of the compani...