Lack of Tangible Material & Procedural Errors: Reopening of Assessment Invalid

PCIT Vs Rmg Polyvinyl (I) Ltd. (Delhi High Court) Delhi High Court on April 12, 2016, dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against RMG Polyvinyl (I) Ltd., affirming the Income Tax Appellate Tribunal’s (ITAT) ruling that the reopening of assessment for Assessment Year (AY) 2008-09 was legally unsound. The case, heard under Section 260A of the Income Tax Act, 1961, centered on the validity of a notice issued by the Assessing Officer (AO) under Section 147/148 of the Act. The assessee, RMG Polyvinyl (I) Ltd., had filed its income tax return for AY 200...