Delhi HC Quashes Reassessment Notices Over Old Surveys, Lack of Year-Specific Facts

UK Grid Solutions Limited Vs ACIT (Delhi High Court) Delhi High Court has set aside reassessment proceedings initiated by the income tax authorities against UK Grid Solutions Limited for Assessment Years 2013-14 and 2014-15. The court found that the reasons cited for reopening the assessments were based on findings from income tax surveys conducted on various constituents of the GE Group in India in 2007 and 2019, without demonstrating a specific application of mind to the facts relevant to the assessment years under challenge. Read SC Judgment in this case: SC Dismisses Revenue’s SLP Due t...