Concluded & closed assessment cannot be reopened on suspicion: Delhi HC

CNB Finwiz Ltd. Vs DCIT (Delhi High Court) Delhi High Court held that concluded and closed assessments cannot be reopened merely on suspicion. Accordingly, reopening of assessment is liable to be quashed since there is no tangible material that has a live nexus to reason to believe that the income has escaped assessment. Facts- The petitioner is a company incorporated under the Companies Act, 1956 and is engaged in the business of trading in shares, securities, equity and currency derivatives, mutual funds, and providing DP Services. The petitioner has filed the present petition under Article ...