Non-Adherence to GKN Driveshafts Procedure: Karnataka HC Quashes Assessment Order

DCIT Vs Hewlett Packward Financial Services (India) Pvt Ltd (Karnataka High Court) Karnataka High Court has dismissed an intra-court appeal filed by the revenue department, upholding a single judge’s decision to quash a reassessment order issued to Hewlett Packard Financial Services (India) Pvt Ltd. The High Court’s ruling, delivered recently, reinforced the mandatory nature of disposing of an assessee’s objections to a reassessment notice under Section 148 of the Income Tax Act, 1961, before proceeding with the assessment. The case originated from a reassessment order dated ...