Reassessment u/s. 148 based on survey operations without tangible material cannot be sustained

Ge Steam Power Systems Vs ACIT (Delhi High Court) Delhi High Court held that reassessment proceeding u/s. 148 of the Income Tax Act cannot be sustained as based on survey operations without there being any tangible material. Accordingly, petition allowed. Facts- GE Steam Power Inc. (formerly known as Alstom Power Inc.) is a company incorporated in the United States of America and is engaged in the business of manufacturing, sales, marketing of power generation equipment and technical support services and is part of GE’s ‘Power’ business vertical. Notably, notice u/s. 148 of the Income T...